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Weekly forecast British Pound / Australian Dollar technical chart
Symbol GBPAUD

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Trade Setup
#GBPAUD
Total Profit: -1134 pip
Closed trade(s): 0 pip Profit
Open trade(s): -1134 pip Profit

Trade Setup:
We opened 9 SELL trade(s) @ 1.8791 (day close price) based on 'Two-day reversal candle (Shooting star)' at 2020.01.02 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Open Profit:
Profit for one trade is 1.8791(open price) - 1.8917(current price) = -126 pip
9 trade(s) still open, therefore total profit for open trade(s) is -126 x 9 = -1134 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateJanuary 11, 2020 - 19:07
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.95250, beginning of downtrend is expected.
  • We make sure when the support at 1.86500 breaks.
  • If the resistance at 1.95250 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.90925 on 2019-10-16 and the peak at 1.95215 on 2019-12-16, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 1.9155 on 01/08/2020, so more losses to support(s) 1.8900 and minimum to Major Support (1.8650) 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 49.

Take Profits:

  1. 1.8650
  2. 1.8365
  3. 1.8165
  4. 1.7880
  5. 1.7560
  6. 1.7285
  7. 1.6860
  8. 1.6550
Click on the level to view price action history.