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19.08.2019 - 13.08.2019
The NZD/USD pair continues to trade within a downtrend. The price is in the negative zone of the Murrey trading range, fixed below 0.6470 ([6/8]) around 11-month lows (0.6425).
On the 4-hour chart, the formation of a sideways trend continues, the instrument moves within the channel formed by the boundaries of Bollinger bands. The MACD histogram is in the positive area, keeping a signal to open long positions, the signal line moves horizontally. Stochastic is in the neutral zone, the oscillator lines are pointing downwards.
On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains below the EMA65, EMA130 and SMA200 that are directed down. The RSI is turning up. The Composite is breaking out its longer MA.
On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains above its moving averages that are directed up. The RSI is about to test from above its longer MA. The Composite is breaking down its longer MA, having formed a Bearish divergence with the price.
On the 4-hour chart, a downward movement correction is observed. The instrument is trading around the middle line of Bollinger bands, the indicator cloud is expanded, which indicates the likely resumption of decline after the completion of the correction. The MACD histogram is in the negative area, keeping a signal to open short orders. Stochastic keeps a steady signal to open buy positions, the oscillator lines are pointing upwards and are preparing to cross the border of the overbought zone.
The pair is in a correction and may grow.
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops, within which the first wave (i) of iii formed. Now, an upward correction is developing as the wave (ii) of iii, within which the wave c of (ii) is forming. If the assumption is correct, the pair will grow to the levels of 0.9838–0.9871. In this scenario, critical stop loss level is 0.9705.
The pair may grow.
On the daily chart, a correction of the higher level develops as the second wave 2 of (5), within which the wave b of 2 formed. Now, the development of the wave c of 2 is beginning, within which the first entry wave of the lower level i of (i) of c and the correction ii of (i) have formed. If the assumption is correct, the pair will grow to the levels of 0.7080–0.7205. In this scenario, critical stop loss level is 0.6674.