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Weekly forecast Australian Dollar / US Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.66154 to 0.65639). 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 (0.66154)
  • Ending of entry zone (0.65639)

DateMay 20, 2023 - 19:33
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.67943, beginning of downtrend is expected.
  • We make sure when the support at 0.65639 breaks.
  • If the resistance at 0.67943 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 0.68170 on 05/10/2023, so more losses to support(s) 0.66154 and minimum to Major Support (0.65639) 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 46.

Take Profits:

  1. 0.67134
  2. 0.67943
  3. 0.68930
  4. 0.70065
  5. 0.71541
  6. 0.72637
  7. 0.74570
  8. 0.76600
  9. 0.78900
  10. 0.83693
Click on the level to view price action history.