NZDCAD Weekly Forex Forecast 23nd September To 28th September
Midterm forecast:
While the price is below the resistance 0.8735, resumption of downtrend is expected.
We make sure when the support at 0.8495 breaks.
If the resistance at 0.8735 is broken, the short-term forecast -resumption of downtrend- will be invalid.
We will close our open trades, if the Midterm level 0.8735 is broken.
Technical analysis:
The RSI resistance #1 at 45 is broken, so the probability of resumption of downtrend is decreased.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 50.
While the price is below the resistance 0.8735, resumption of downtrend is expected.
We make sure when the support at 0.8495 breaks.
If the resistance at 0.8735 is broken, the short-term forecast -resumption of downtrend- will be invalid.
We will close our open trades, if the Midterm level 0.8735 is broken.
Technical analysis:
The RSI resistance #1 at 45 is broken, so the probability of resumption of downtrend is decreased.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 50.
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