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Weekly forecast Australian Dollar / Canadian Dollar technical chart

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Trading suggestion:

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

DateNovember 21, 2020 - 15:39
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

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:

  • The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased.
  • A peak is formed in daily chart at 0.9590 on 11/17/2020, so more losses to support(s) 0.9505 and minimum to Major Support (0.9405) 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 60.

Supports and Resistances:

  1. 0.9935
  2. 0.9775
  3. 0.9405
  4. 0.9245
  5. 0.9065
  6. 0.8915
Click on the level to view price action history.