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Weekly forecast Australian Dollar / Canadian Dollar technical chart

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Trade Setup
Total Profit: -1584 pip
Closed trade(s): 0 pip Profit
Open trade(s): -1584 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 0.9445 (day close price) based on 'Valley' at 2019.05.07 signaled by DTO:

Open Profit:
Profit for one trade is 0.9246(current price) - 0.9445(open price) = -198 pip
8 trade(s) still open, therefore total profit for open trade(s) is -198 x 8 = -1584 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.

DateMay 18, 2019 - 10:58
Currentrange bound
Forecastresumption of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 0.9105, resumption of uptrend is expected.
  • We make sure when the resistance at 0.9610 breaks.
  • If the support at 0.9105 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The Rising Wedge taking shape and as a bearish pattern suggests we will soon see another leg lower if price breaks and closes below uptrend.
  • A peak is formed in daily chart at 0.9460 on 05/08/2019, so more losses to support(s) 0.9170 and minimum to Major Support (0.9105) 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 24.

Take Profits:

  1. 0.9480
  2. 0.9550
  3. 0.9610
  4. 0.9775
  5. 0.9915
  6. 1.0090
  7. 1.0350
Click on the level to view price action history.