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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD

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Trade Setup
#AUDCAD
Total Profit: 682 pip
Closed trade(s): 162 pip Profit
Open trade(s): 520 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.

Closed Profit:
TP1 @ 0.9505 touched at 2020.09.23 with 31 pip Profit.
TP2 @ 0.9405 touched at 2020.09.25 with 131 pip Profit.
31 + 131 = 162 pip

Open Profit:
Profit for one trade is 0.9536(open price) - 0.9406(current price) = 130 pip
4 trade(s) still open, therefore total profit for open trade(s) is 130 x 4 = 520 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 26, 2020 - 19:23
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.96500, beginning of downtrend is expected.
  • We make sure when the support at 0.94050 breaks.
  • If the resistance at 0.96500 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI support #1 at 42 is broken, so the probability of beginning of downtrend is increased.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 0.9652 on 08/27/2020, so more losses 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 32.

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.