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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 (0.64082 to 0.63645). 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 (0.64082)
  • Ending of entry zone (0.63645)

DateMay 28, 2023 - 17:21
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.63645, beginning of uptrend is expected.
  • We make sure when the resistance at 0.65639 breaks.
  • If the support at 0.63645 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of beginning of uptrend is decreased.
  • A peak is formed in daily chart at 0.68170 on 05/10/2023, so more losses to support(s) 0.64082 and minimum to Major Support (0.63645) 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 35.

Take Profits:

  1. 0.65200
  2. 0.67134
  3. 0.67943
  4. 0.68930
  5. 0.70065
  6. 0.71541
  7. 0.72637
  8. 0.74570
  9. 0.76600
  10. 0.78900
  11. 0.83693
Click on the level to view price action history.