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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD

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Trade Setup

#AUDCAD
Total Profit: 2441 pip
Closed trade(s): 2441 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:
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.
TP5 @ 0.9430 touched at 2021.05.12 with 380 pip Profit.
TP6 @ 0.9255 touched at 2021.07.02 with 555 pip Profit.
35 + 95 + 160 + 270 + 380 + 555 = 1495 pip

Closed Profit:
Profit for one trade is 0.9810(open price) - 0.9337(current price) = 473 pip
2 trade(s) closed at market price as trend direction is changed, therefore total profit will increase by 473 x 2 = 946 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.9255 to 0.9170). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (0.9255)
    • Support on 09/24/2015
    • Support on 10/05/2015
    • Support on 10/06/2015
    • Resistance on 10/02/2018
    • Resistance on 10/17/2018
    • Support on 10/23/2018
    • Resistance on 10/25/2018
    • Support on 10/26/2018
    • Support on 10/29/2018
    • Support on 01/03/2019
    • Support on 05/16/2019
    • Support on 06/07/2019
    • Resistance on 06/01/2020
    • Support on 06/22/2020
    • Support on 06/03/2021
    • Support on 06/04/2021
    • Support on 07/01/2021
    • Support on 07/02/2021
    • Support on 07/05/2021
    • Support on 07/27/2021
    • Resistance on 08/05/2021
    • Resistance on 08/06/2021
  • Ending of entry zone (0.9170)
    • Support on 08/12/2021
    • Support on 08/13/2021
    • Resistance on 08/20/2021
    • Resistance on 08/25/2021
    • Support on 08/27/2021

DateSeptember 5, 2021 - 14:33
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.91100, beginning of uptrend is expected.
  • We make sure when the resistance at 0.99900 breaks.
  • If the support at 0.91100 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.92595 on 2021-06-04 and the trough at 0.9139 on 2021-08-02, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.9110 on 08/24/2021, so more gains to resistance(s) 0.9375, 0.9465, 0.9540 and maximum to Major Resistance (0.9990) 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 65.

Take Profits:

  1. 0.9375
  2. 0.9465
  3. 0.9540
  4. 0.9650
  5. 0.9760
  6. 0.9900
  7. 0.9990
Click on the level to view price action history.