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Weekly forecast Australian Dollar / Canadian Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.86268 to 0.85900). 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 (0.86268)
  • Ending of entry zone (0.85900)

DateSeptember 17, 2023 - 04:07
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.85900, beginning of uptrend is expected.
  • We make sure when the resistance at 0.90320 breaks.
  • If the support at 0.85900 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • A peak is formed in daily chart at 0.88260 on 09/01/2023, so more losses to support(s) 0.86268 and minimum to Major Support (0.85900) 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 43.

Take Profits:

  1. 0.88144
  2. 0.88628
  3. 0.89408
  4. 0.90320
  5. 0.91066
  6. 0.92134
  7. 0.93095
  8. 0.93904
  9. 0.94607
  10. 0.95471
Click on the level to view price action history.