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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 (0.89689 to 0.88980). 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 (0.89689)
  • Ending of entry zone (0.88980)

DateJune 5, 2022 - 22:59
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.88980, beginning of uptrend is expected.
  • We make sure when the resistance at 0.94610 breaks.
  • If the support at 0.88980 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.90490 on 05/31/2022, so more gains to resistance(s) 0.91312, 0.92545, 0.93407 and maximum to Major Resistance (0.94610) 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 48.

Take Profits:

  1. 0.91312
  2. 0.92545
  3. 0.93407
  4. 0.94610
  5. 0.95978
  6. 0.97600
  7. 0.99000
  8. 0.99900
Click on the level to view price action history.