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Weekly forecast Australian Dollar / Canadian Dollar technical chart

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Trade Setup
Total Profit: 24 pip
Closed trade(s): 0 pip Profit
Open trade(s): 24 pip Profit

Trade Setup:
We opened 6 SELL trade(s) @ 0.9536 based on 'Sell on Uptrend Break Down' entry method at 2020.09.22.

Open Profit:
Profit for one trade is 0.9536(open price) - 0.9532(current price) = 4 pip
6 trade(s) still open, therefore total profit for open trade(s) is 4 x 6 = 24 pip

Trading suggestion:

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

DateSeptember 23, 2020 - 14:35
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 0.9650, beginning of downtrend is expected.
  • We make sure when the support at 0.9405 breaks.
  • If the resistance at 0.9650 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 peak is formed in daily chart at 0.9652 on 08/27/2020, so more losses to support(s) 0.9505 and minimum to Major Support (0.9405) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 46.

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.