AUDNZD Weekly Forex Forecast 6th October to 12th October
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.1140 would begin in Midterm.
Technical analysis:
The ascending flag taking shape suggests we will soon see another leg higher.
While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 55.
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.1140 would begin in Midterm.
Technical analysis:
The ascending flag taking shape suggests we will soon see another leg higher.
While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 55.
algorithmic trader - I have quantified sentiment necessary for trading elliott waves