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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD

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Trading suggestion:

Regarding the entry signal of DTO we will invest at Monday - if no GAP - when the market opens.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (0.8835)
    • Support on 05/19/2010
    • Resistance on 05/21/2010
    • Resistance on 05/24/2010
    • Resistance on 05/25/2010
    • Resistance on 05/26/2010
    • Resistance on 06/01/2010
    • Resistance on 06/03/2010
    • Support on 06/17/2010
    • Trough on 10/01/2019
    • Support on 10/02/2019
    • Resistance on 02/20/2020
    • Resistance on 03/03/2020
  • Ending of entry zone (0.8795)
    • Resistance on 02/25/2020
    • Resistance on 02/27/2020
    • Support on 03/04/2020

DateMarch 7, 2020 - 20:16
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.86400, beginning of uptrend is expected.
  • We make sure when the resistance at 0.91450 breaks.
  • If the support at 0.86400 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 0.88865 on 2019-08-07 and the trough at 0.8639 on 2020-02-28, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 0.8640 on 02/28/2020, so more gains to resistance(s) 0.8980, 0.9045 and maximum to Major Resistance (0.9145) 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 56.

Take Profits:

  1. 0.8980
  2. 0.9045
  3. 0.9145
  4. 0.9310
  5. 0.9395
  6. 0.9480
  7. 0.9610
  8. 0.9775
  9. 0.9915
Click on the level to view price action history.