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Weekly forecast Australian Dollar / US Dollar technical chart
Symbol AUDUSD

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Trading suggestion:

Price is in the Trend Hunter Buy Zone (0.7200 to 0.7160).

While the price is below the level 0.7325, 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 0.7325 and expect to reach short-term targets.

  • Beginning of entry zone (0.7200)
    • Support on 05/19/2016
    • Support on 05/23/2016
    • Resistance on 05/25/2016
    • Support on 06/02/2016
    • Support on 12/22/2016
    • Trough on 08/15/2018
    • Support on 08/15/2018
  • Ending of entry zone (0.7160)
    • Support on 05/24/2016
    • Support on 05/26/2016
    • Support on 05/30/2016
    • Support on 12/23/2016
    • Support on 12/26/2016
    • Support on 12/28/2016
    • Support on 12/29/2016
    • Support on 01/02/2017

DateSeptember 1, 2018 - 11:44
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.71450, beginning of uptrend is expected.
  • We make sure when the resistance at 0.73250 breaks.
  • If the support at 0.71450 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 0.7323 on 2018-06-27 and the trough at 0.7202 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 downtrend #1 and it prevented price from more gains.
  • While the RSI uptrend #2 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 0.7380 on 08/21/2018, so more losses to support(s) 0.7160 and minimum to Major Support (0.7145) 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 36.

Take Profits:

  1. 0.7375
  2. 0.7485
  3. 0.7655
  4. 0.7770
  5. 0.7895
  6. 0.7990
  7. 0.8135
Click on the level to view price action history.