ForecastCity
Short

A new opportunity to Sell in NZDCAD

FX_IDC:NZDCAD   NEW ZEALAND DOLLAR / CANADIAN DOLLAR
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast resumption of downtrend.

Technical analysis:
.While the RSI resistance #1 at 73 is not broken, the probability of price increase would be too low.
.A peak is formed in daily chart at 0.9160 on 06/08/2018, so more losses to support(s) 0.9110, 0.9065, 0.9000 and more depths 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 64.

Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (0.9170 to 0.9240), if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

Beginning of entry zone (0.9170)
Ending of entry zone (0.9240)

Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:

Take Profits:
TP1= @ 0.9110
TP2= @ 0.9065
TP3= @ 0.9000
TP4= @ 0.8930
TP5= @ 0.8860
TP6= @ 0.8785
TP7= @ 0.8640
TP8= @ Free
Trade active: Weekly update: TP5 hit with 1550 pipsprofit ...


Midterm Forecast:
There is no trend in the market and the price is in a range bound, but we forecast resumption of the downtrend.

Technical analysis:
The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg lower if price breaks and closes below the uptrend line of the triangle.
A trough is formed in the daily chart at 0.8830 on 07/03/2018, so more gains to resistance(s) 0.8930, 0.9000, 0.9065 and maximum to Trend Hunter Sell Zone (0.9170 to 0.9240) 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 49.

Total Profit: 1550 pip
Closed trade(s): 845 pip Profit
Open trade(s): 705 pip Profit

Trade Setup:
We opened 8 SELL trade(s) @ 0.9162 (day close price) based on 'Shooting Star' at 2018.06.22 signaled by DTO:

Closed Profit:
TP1 @ 0.9110 touched at 2018.06.26 with 52 pip Profit.
TP2 @ 0.9065 touched at 2018.06.27 with 97 pip Profit.
TP3 @ 0.9000 touched at 2018.06.28 with 162 pip Profit.
TP4 @ 0.8930 touched at 2018.06.29 with 232 pip Profit.
TP5 @ 0.8860 touched at 2018.07.02 with 302 pip Profit.
52 + 97 + 162 + 232 + 302 = 845 pip

Open Profit:
Profit for one trade is 0.9162(open price) - 0.8927(current price) = 235 pip
3 trade(s) still open, therefore total profit for open trade(s) is 235 x 3 = 705 pip

Take Profits:
TP6= @ 0.8785
TP7= @ 0.8640
TP8= Free
Trade active: Weekly update: TP6 hit with 2042 pips profit ...


Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 0.8860 would begin in Midterm.
We will close our open trades. if the Midterm level 0.8860 is broken.

Technical analysis:
While the RSI resistance #1 at 46 is not broken, the probability of price increase would be too low.
A peak is formed in the daily chart at 0.8975 on 07/18/2018, so more losses to support(s) 0.8640, 0.8400, 0.8310 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
Relative strength index (RSI) is 25.

Total Profit: 2042 pip
Closed trade(s): 1222 pip Profit
Open trade(s): 820 pip Profit

Trade Setup:
We opened 8 SELL trade(s) @ 0.9162 (day close price) based on 'Shooting Star' at 2018.06.22 signaled by our "Daily Trading Opportunity".


Closed Profit:
TP1 @ 0.9110 touched at 2018.06.26 with 52 pip Profit.
TP2 @ 0.9065 touched at 2018.06.27 with 97 pip Profit.
TP3 @ 0.9000 touched at 2018.06.28 with 162 pip Profit.
TP4 @ 0.8930 touched at 2018.06.29 with 232 pip Profit.
TP5 @ 0.8860 touched at 2018.07.02 with 302 pip Profit.
TP6 @ 0.8785 touched at 2018.08.02 with 377 pip Profit.
52 + 97 + 162 + 232 + 302 + 377 = 1222 pip

Open Profit:
Profit for one trade is 0.9162(open price) - 0.8752(current price) = 410 pip
2 trade(s) still open, therefore total profit for open trade(s) is 410 x 2 = 820 pip

Take Profits:
TP7= @ 0.8640
TP8= Free
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