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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 (0.87222 to 0.86870). 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 (0.87222)
  • Ending of entry zone (0.86870)

DateJune 9, 2024 - 03:10
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 0.86870, resumption of uptrend is expected.
  • We make sure when the resistance at 0.91176 breaks.
  • If the support at 0.86870 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 0.91345 on 06/06/2024, so more losses to support(s) 0.90072, 0.89392, 0.88844 and minimum to Major Support (0.86870) 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 51.

Take Profits:

  1. 0.89392
  2. 0.90072
  3. 0.90630
  4. 0.92134
  5. 0.93095
  6. 0.93904
  7. 0.94607
  8. 0.95471
Click on the level to view price action history.