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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD

Download MT4 template file

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (0.9640 to 0.9695). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (0.9640)
    • Resistance on 05/03/2016
    • Resistance on 06/22/2016
    • Resistance on 06/28/2016
    • Resistance on 06/29/2016
    • Resistance on 06/30/2016
    • Support on 12/30/2016
    • Support on 01/02/2017
    • Support on 01/03/2017
    • Support on 01/06/2017
    • Support on 11/15/2017
    • Support on 11/17/2017
    • Support on 11/20/2017
    • Support on 11/22/2017
    • Support on 12/06/2017
    • Support on 12/07/2017
    • Support on 12/08/2017
    • Support on 12/11/2017
    • Support on 05/03/2018
    • Support on 05/08/2018
    • Resistance on 05/15/2018
    • Resistance on 05/16/2018
    • Support on 07/30/2018
    • Support on 07/31/2018
    • Resistance on 08/02/2018
    • Resistance on 11/15/2018
    • Resistance on 11/16/2018
    • Resistance on 11/19/2018
    • Resistance on 11/21/2018
    • Resistance on 12/10/2018
    • Resistance on 12/12/2018
    • Resistance on 07/22/2020
    • Resistance on 08/06/2020
  • Ending of entry zone (0.9695)
    • Resistance on 02/29/2016
    • Resistance on 03/01/2016
    • Resistance on 06/27/2016
    • Resistance on 06/29/2016
    • Resistance on 06/30/2016
    • Resistance on 07/01/2016
    • Resistance on 07/04/2016
    • Resistance on 07/05/2016
    • Support on 12/19/2016
    • Support on 12/20/2016
    • Support on 12/21/2016
    • Support on 12/26/2016
    • Support on 12/27/2016
    • Resistance on 01/03/2017
    • Resistance on 01/04/2017
    • Support on 09/06/2017
    • Support on 09/12/2017
    • Support on 09/27/2017
    • Support on 10/11/2017
    • Support on 10/12/2017
    • Support on 11/14/2017
    • Resistance on 11/21/2017
    • Resistance on 11/22/2017
    • Resistance on 11/23/2017
    • Resistance on 11/24/2017
    • Support on 11/28/2017
    • Resistance on 12/11/2017
    • Resistance on 05/03/2018
    • Resistance on 05/04/2018
    • Resistance on 05/07/2018
    • Resistance on 05/08/2018
    • Resistance on 05/21/2018
    • Support on 07/04/2018
    • Support on 07/05/2018
    • Support on 07/06/2018
    • Support on 07/11/2018
    • Support on 07/20/2018
    • Support on 07/25/2018
    • Resistance on 07/31/2018
    • Resistance on 08/07/2018
    • Resistance on 08/08/2018
    • Resistance on 08/09/2018
    • Resistance on 11/28/2018
    • Support on 12/03/2018
    • Support on 12/04/2018
    • Support on 12/05/2018
    • Resistance on 12/07/2018
    • Resistance on 12/19/2018
    • Peak on 07/22/2020
    • Resistance on 07/31/2020

DateAugust 8, 2020 - 18:25
Currentuptrend
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • Although current trend is uptrend, but we forecast a downtrend wave would begin in Midterm.

Technical analysis:

  • While the RSI support #1 at 53 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 0.9490 on 07/24/2020, so more gains to resistance(s) 0.9640 and maximum to Major Resistance (0.9695) 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 58.

Take Profits:

  1. 0.9505
  2. 0.9405
  3. 0.9270
  4. 0.9065
  5. 0.8915
Click on the level to view price action history.