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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD

Download MT4 template file

Trade Setup

#AUDCAD
Total Profit: 1760 pip
Closed trade(s): 560 pip Profit
Open trade(s): 1200 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:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/A...

Closed Profit:
TP1 @ 0.9775 touched at 2021.03.05 with 35 pip Profit.
TP2 @ 0.9715 touched at 2021.03.05 with 95 pip Profit.
TP3 @ 0.9650 touched at 2021.03.15 with 160 pip Profit.
TP4 @ 0.9540 touched at 2021.03.24 with 270 pip Profit.
35 + 95 + 160 + 270 = 560 pip

Open Profit:
Profit for one trade is 0.9810(open price) - 0.9510(current price) = 300 pip
4 trade(s) still open, therefore total profit for open trade(s) is 300 x 4 = 1200 pip

#AUDCAD
Total Profit: 0 pip
Closed trade(s): 0 pip Profit
Open trade(s): 0 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:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/A...

All 5 trades closed at entry price, therefore no profit no loss.

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.
  • If the Midterm level 0.9650 is broken, we will close open trades.

DateMay 8, 2021 - 16:41
Currentdowntrend
Forecastcontinuation of downtrend
Last weekBullish

Midterm forecast:

  • 0.9650 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
  • We will close our open trades, if the Midterm level 0.9650 is broken.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.94455 on 2021-05-08 and the trough at 0.94895 on 2021-04-01, the probability of downtrend continuation is decreased and the probability of beginning the correction wave is increased.
  • A peak is formed in daily chart at 0.9759 on 04/22/2021, so more losses to support(s) 0.9445, 0.9430, 0.9255 and more depths 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 43.

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.