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Weekly forecast Australian Dollar / Canadian Dollar technical chart

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

Trade Setup:
We opened 8 SELL trade(s) @ 0.9810 (day close price) based on 'Peak' at 2021.02.26 signaled by DTO:

Total Profit: -1625 pip
Closed trade(s): 0 pip Profit
Open trade(s): -1625 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) - 0.9810(current price) = -325 pip
5 trade(s) still open, therefore total profit for open trade(s) is -325 x 5 = -1625 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.

DateFebruary 26, 2021 - 22:45
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 0.9990, beginning of downtrend is expected.
  • We make sure when the support at 0.9650 breaks.
  • If the resistance at 0.9990 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 0.9899 on 2021-01-06 and the peak at 0.9989 on 2021-02-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 0.9990 on 02/22/2021, so more losses to support(s) 0.9775, 0.9715 and minimum to Major Support (0.9650) 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. 0.9775
  2. 0.9715
  3. 0.9650
  4. 0.9540
  5. 0.9430
  6. 0.9255
  7. 0.9065
Click on the level to view price action history.