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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD

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

Trade Setup:
We opened 5 SELL trade(s) @ 0.9499 (day close price) based on 'Peak' at 2020.08.11 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/A...

All 5 trades closed at entry price, therefore no profit no loss.

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateAugust 29, 2020 - 21:12
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.96950, beginning of downtrend is expected.
  • We make sure when the support at 0.94050 breaks.
  • If the resistance at 0.96950 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 42 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 0.9504 on 07/24/2020, so more gains 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 64.

Supports and Resistances:

  1. 0.9935
  2. 0.9775
  3. 0.9405
  4. 0.9270
  5. 0.9065
  6. 0.8915
Click on the level to view price action history.