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Weekly forecast Australian Dollar / US Dollar technical chart
Trade Setup

Total Profit: -736 pip
Closed trade(s): 0 pip Profit
Open trade(s): -736 pip Profit

Trade Setup:
We opened 8 BUY trades @ 0.70019 based on 'Valley' entry method at 2022-06-15.

Open Profit:
Profit for one BUY trade is 0.69098(current price) - 0.70019(open price) = -92 pip
8 trade(s) still open, therefore total profit for open trade(s) is -92 x 8 = -736 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.

DateAugust 6, 2022 - 09:29
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.66800, beginning of uptrend is expected.
  • We make sure when the resistance at 0.70340 breaks.
  • If the support at 0.66800 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.6828 on 2022-05-12 and the trough at 0.66804 on 2022-07-14, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A peak is formed in daily chart at 0.70460 on 08/01/2022, so more losses to support(s) 0.68280, 0.67615 and minimum to Major Support (0.66800) 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 49.

Take Profits:

  1. 0.71643
  2. 0.72650
  3. 0.74570
  4. 0.75500
  5. 0.76600
  6. 0.77800
  7. 0.83693
Click on the level to view price action history.