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NZDUSD Weekly Forex Forecast 4th November to 10th November by yshashmi37 on TradingView.com
Midterm forecast:
While the price is above the support 0.6430, beginning of uptrend is expected.
We make sure when the resistance at 0.6690 breaks.
If the support at 0.6430 is broken, the short-term forecast -beginning of uptrend- will be invalid.
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.
The RSI resistance #1 at 59 is broken, so the probability of beginning 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 maximum to Major Resistance (0.6690) 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 61.
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