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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 (0.7085 to 0.7020). 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 0.7105, 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 0.7105 and expect to reach short-term targets.

  • Beginning of entry zone (0.7085)
    • Trough on 09/11/2018
    • Support on 09/11/2018
    • Support on 10/19/2018
    • Resistance on 10/24/2018
    • Resistance on 10/25/2018
  • Ending of entry zone (0.7020)

DateOctober 27, 2018 - 10:44
Currentdowntrend
Forecastbeginning of uptrend

Midterm forecast:

  • 0.71600 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.

Technical analysis:

  • While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 0.7160 on 10/17/2018, so more losses minimum to Trend Hunter Buy Zone (0.7085 to 0.7020) 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 43.

Take Profits:

  1. 0.7160
  2. 0.7230
  3. 0.7320
  4. 0.7445
  5. 0.7575
  6. 0.7655
  7. 0.7805
  8. 0.8135
Click on the level to view price action history.