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Weekly forecast Australian Dollar vs. Canadian Dollar technical chart

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateSat, 05/12/2018 - 10:28
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 0.9735, beginning of downtrend is expected.
  • We make sure when the support at 0.9580 breaks.
  • If the resistance at 0.9735 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI bounced from the support #1 at 25 and it prevented price from more losses.
  • A trough is formed in daily chart at 0.9555 on 05/10/2018, so more gains to resistance(s) 0.9685, 0.9785, 0.9905 and more heights 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 38.