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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 (0.63119 to 0.62855). 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 (0.63119)
  • Ending of entry zone (0.62855)

DateNovember 18, 2023 - 16:26
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.62690, beginning of uptrend is expected.
  • We make sure when the resistance at 0.65965 breaks.
  • If the support at 0.62690 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 0.63639 on 2023-08-17 and the trough at 0.62692 on 2023-10-26, 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 0.65410 on 11/15/2023, so more losses to support(s) 0.64603, 0.63659, 0.63119 and minimum to Major Support (0.62690) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 60.

Take Profits:

  1. 0.64603
  2. 0.65205
  3. 0.65965
  4. 0.67611
  5. 0.68942
Click on the level to view price action history.