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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 (0.87450 to 0.86681). 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 (0.87450)
  • Ending of entry zone (0.86681)

DateJuly 17, 2022 - 04:00
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.86681, beginning of uptrend is expected.
  • We make sure when the resistance at 0.89689 breaks.
  • If the support at 0.86681 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 0.892165 on 2022-05-11 and the trough at 0.87276 on 2022-07-13, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 0.87266 on 07/13/2022, so more gains to resistance(s) 0.88980 and maximum to Major Resistance (0.89689) 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 45.

Take Profits:

  1. 0.91474
  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.