AUDNZD Weekly Forex Forecast 1st October to 6th 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 below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 47.
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 below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 47.
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