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

#AUDCAD
Total Profit: 4683 pip
Closed trade(s): 1665 pip Profit
Open trade(s): 3018 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.
TP3 @ 0.90250 touched at 2022-11-24 with 211 pip Profit.
TP4 @ 0.91050 touched at 2022-11-29 with 291 pip Profit.
TP5 @ 0.92545 touched at 2022-12-09 with 441 pip Profit.
TP6 @ 0.93340 touched at 2023-01-04 with 520 pip Profit.
51 + 151 + 211 + 291 + 441 + 520 = 1665 pip

Open Profit:
Profit for one BUY trade is 0.9317(current price) - 0.88143(open price) = 503 pip
6 trade(s) still open, therefore total profit for open trade(s) is 503 x 6 = 3018 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.
  • If the Midterm level 0.91050 is broken, we will close open trades.

DateJanuary 22, 2023 - 22:46
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 0.91050, resumption of uptrend is expected.
  • We make sure when the resistance at 0.94610 breaks.
  • If the support at 0.91050 is broken, the short-term forecast -resumption of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 0.91050 is broken.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 0.93299 on 2022-12-13 and the peak at 0.94428 on 2023-01-18, the probability of uptrend continuation is decreased and the probability of beginning the correction wave is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 0.94430 on 01/18/2023, so more losses to support(s) 0.92545 and minimum to Major Support (0.91050) 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 59.

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.