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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)

DateDecember 2, 2023 - 11:18
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 0.62690, resumption of uptrend is expected.
  • We make sure when the resistance at 0.66772 breaks.
  • If the support at 0.62690 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 0.65205 on 11/22/2023, so more gains maximum to Major Resistance (0.66772) 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 69.

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.