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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD
Trade Setup

#AUDCAD
Total Profit: -480 pip
Closed trade(s): 0 pip Profit
Open trade(s): -480 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 0.9284 based on 'Vally' at 2021.09.17 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/A...

Open Profit:
Profit for one trade is 0.9224(current price) - 0.9284(open price) = -60 pip
8 trade(s) still open, therefore total profit for open trade(s) is -60 x 8 = -480 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateOctober 24, 2021 - 00:24
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.90500, beginning of uptrend is expected.
  • We make sure when the resistance at 0.93750 breaks.
  • If the support at 0.90500 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 0.92698529224798 on 2021-06-02 and the trough at 0.9093804141992 on 2021-08-25, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.9104 on 10/08/2021, so more gains to resistance(s) 0.9255 and maximum to Major Resistance (0.9375) 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 53.

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.