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Weekly forecast Australian Dollar / Canadian Dollar technical chart

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Trade Setup
Total Profit: 540 pip
Closed trade(s): 0 pip Profit
Open trade(s): 540 pip Profit

Trade Setup:
We opened 9 BUY trade(s) @ 0.8935 (day close price) based on 'Two-day reversal candle (Hammer)' at 2019.10.02 signaled by DTO:

Open Profit:
Profit for one trade is 0.8995(current price) - 0.8935(open price) = 60 pip
9 trade(s) still open, therefore total profit for open trade(s) is 60 x 9 = 540 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateOctober 19, 2019 - 18:25
Currentrange bound
Forecastbeginning of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 0.8835, beginning of uptrend is expected.
  • We make sure when the resistance at 0.9225 breaks.
  • If the support at 0.8835 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.8877 on 2019-08-07 and the trough at 0.88345 on 2019-10-02, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.8879 on 10/16/2019, so more gains to resistance(s) 0.9045, 0.9105 and maximum to Major Resistance (0.9225) 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 53.

Take Profits:

  1. 0.9045
  2. 0.9105
  3. 0.9225
  4. 0.9310
  5. 0.9395
  6. 0.9610
  7. 0.9775
  8. 0.9915
Click on the level to view price action history.