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Weekly forecast Australian Dollar / US Dollar technical chart

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Trade Setup
Total Profit: 24 pip
Closed trade(s): 0 pip Profit
Open trade(s): 24 pip Profit

Trade Setup:
We opened 6 SELL trade(s) @ 0.7225 based on 'Sell on Uptrend Break Down' entry method at 2020.09.21.

Open Profit:
Profit for one trade is 0.7225(open price) - 0.7221(current price) = 4 pip
6 trade(s) still open, therefore total profit for open trade(s) is 4 x 6 = 24 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateSeptember 21, 2020 - 21:40
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 0.7415, beginning of downtrend is expected.
  • We make sure when the support at 0.7065 breaks.
  • If the resistance at 0.7415 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 0.70635 on 2020-06-10 and the peak at 0.7413 on 2020-09-01, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI support #1 at 51 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 0.7413 on 09/01/2020, so more losses to support(s) 0.7150 and minimum to Major Support (0.7065) 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 47.

Take Profits:

  1. 0.7150
  2. 0.7065
  3. 0.6940
  4. 0.6825
  5. 0.6685
Click on the level to view price action history.