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NZDUSD Weekly Forex Forecast 10th November to 16th November by yshashmi37 on TradingView.com
Midterm forecast:
0.6430 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
There is a divergence in RSI and price between the trough at 0.6544 on 2018-08-15 and the trough at 0.6424 on 2018-10-08, the probability of downtrend continuation is decreased and the probability of continuation of uptrend is increased.
The RSI resistance #1 at 59 is broken, so the probability of continuation of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 0.6465 on 10/26/2018, so more gains to resistance(s) 0.6800, 0.6910, 0.7025 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 65.
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