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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD

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)
  • Ending of entry zone (0.9170)

DateSeptember 12, 2021 - 15:22
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 0.92594 on 2021-06-04 and the trough at 0.91391 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 61.

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.