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

#AUDCAD
Total Profit: 1352 pip
Closed trade(s): 202 pip Profit
Open trade(s): 1150 pip Profit

Trade Setup:
We opened 12 BUY trades @ 0.88143 based on 'Vally' entry method at 2022-11-10, signaled by DTO:
https://www.forecastcity.com/en/forecasts/Forex/daily-trading-opportunit...

Closed Profit:
TP1 @ 0.88646 touched at 2022-11-11 with 51 pip Profit.
TP2 @ 0.89653 touched at 2022-11-15 with 151 pip Profit.
51 + 151 = 202 pip

Open Profit:
Profit for one BUY trade is 0.89289(current price) - 0.88143(open price) = 115 pip
10 trade(s) still open, therefore total profit for open trade(s) is 115 x 10 = 1150 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.

DateNovember 20, 2022 - 06:16
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 0.85901, resumption of uptrend is expected.
  • We make sure when the resistance at 0.91050 breaks.
  • If the support at 0.85901 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
  • A peak is formed in daily chart at 0.90135 on 11/15/2022, so more losses to support(s) 0.88646, 0.88095, 0.87506 and minimum to Major Support (0.85901) 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. 0.88646
  2. 0.89653
  3. 0.90250
  4. 0.91050
  5. 0.92545
  6. 0.93340
  7. 0.94610
  8. 0.95978
  9. 0.97600
  10. 0.99000
  11. 0.99900
Click on the level to view price action history.