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EURNZD Weekly Forex Forecast 11th November to 17th November by yshashmi37 on TradingView.com
Midterm forecast:
1.7245 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 1.7245 is broken.
Technical analysis:
There is a divergence in RSI and price between the peak at 1.78245 on 2018-09-11 and the peak at 1.79285 on 2018-10-08, the probability of uptrend continuation is decreased and the probability of continuation of downtrend is increased.
While the RSI resistance #1 at 43 is not broken, the probability of price increase would be too low.
The RSI support #2 at 32 is broken, so the probability of continuation of downtrend is increased.
A peak is formed in daily chart at 1.7930 on 10/08/2018, so more losses to support(s) 1.6565, 1.6225, 1.5830 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 21.
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