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Weekly forecast Australian Dollar / Canadian Dollar technical chart

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Trade Setup
Total Profit: -1565 pip
Closed trade(s): 0 pip Profit
Open trade(s): -1565 pip Profit

Trade Setup:
We opened 5 SELL trade(s) @ 0.9485 (day close price) based on 'Peak' at 2020.12.04 signaled by DTO:

Open Profit:
Profit for one trade is 0.9485(open price) - 0.9798(current price) = -313 pip
5 trade(s) still open, therefore total profit for open trade(s) is -313 x 5 = -1565 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.

DateJanuary 16, 2021 - 19:11
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 0.9935, beginning of downtrend is expected.
  • We make sure when the support at 0.9615 breaks.
  • If the resistance at 0.9935 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 0.9902 on 01/06/2021, so more losses to support(s) 0.9775, 0.9695 and minimum to Major Support (0.9615) 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 56.

Take Profits:

  1. 0.9430
  2. 0.9305
  3. 0.9245
  4. 0.9065
Click on the level to view price action history.