NZDUSD Weekly Forex Forecast 22nd October to 28th October by yshashmi37 on

Midterm forecast:

0.6700 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 0.6700 is broken.
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 beginning the correction wave is increased.
While the RSI resistance #1 at 59 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 0.6425 on 10/08/2018, so more gains to resistance(s) 0.6620 and maximum to Major Resistance (0.6700) 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 54.

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