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Weekly forecast Australian Dollar / US Dollar technical chart
Symbol AUDUSD

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.7310 to 0.7200). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

While the price is below the level 0.7380, the probability of beginning of uptrend is too weak, so we would enter the market with buy trades based on Daily-Trading-Opportunities and a day close price above 0.7380 and expect to reach short-term targets.

  • Beginning of entry zone (0.7310)
    • Support on 07/02/2018
    • Support on 07/03/2018
    • Support on 07/20/2018
    • Support on 08/20/2018
  • Ending of entry zone (0.7200)
    • Trough on 08/15/2018
    • Support on 08/15/2018

DateAugust 23, 2018 - 10:21
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.71600, beginning of uptrend is expected.
  • We make sure when the resistance at 0.73800 breaks.
  • If the support at 0.71600 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 0.7325 on 2018-06-27 and the trough at 0.72 on 2018-08-15, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI bounced from the uptrend #1 and it prevented price from more losses.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 0.7200 on 08/15/2018, so more gains to resistance(s) 0.7330 and maximum to Major Resistance (0.7380) 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 44.

Take Profits:

  1. 0.7485
  2. 0.7550
  3. 0.7675
  4. 0.7805
  5. 0.7895
  6. 0.7990
  7. 0.8135
Click on the level to view price action history.