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NZDUSD Weekly Forex Forecast 28th October to 3rd November by yshashmi37 on TradingView.com
Midterm forecast:
0.6620 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 0.6620 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 of uptrend is increased.
While the RSI resistance #1 at 59 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 0.6610 on 10/22/2018, so more losses to support(s) 0.6500, 0.6430, 0.6245 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 45.
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