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Weekly forecast British Pound / Australian Dollar technical chart
Symbol GBPAUD

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Trade Setup
#GBPAUD
Total Profit: 138 pip
Closed trade(s): 0 pip Profit
Open trade(s): 138 pip Profit

Trade Setup:
We opened 6 BUY trade(s) @ 1.8200 (day close price) based on 'valley' at 2020.07.30.

Open Profit:
Profit for one trade is 1.8223(current price) - 1.8200(open price) = 23 pip
6 trade(s) still open, therefore total profit for open trade(s) is 23 x 6 = 138 pip

Trading suggestion:

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

DateSeptember 5, 2020 - 22:37
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.75600, beginning of uptrend is expected.
  • We make sure when the resistance at 1.84500 breaks.
  • If the support at 1.75600 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The ascending flag taking shape suggests we will soon see another leg higher.
  • The RSI resistance #1 at 50 is broken, so the probability of beginning of uptrend is increased.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 1.8417 on 08/21/2020, so more losses to support(s) 1.8200, 1.7870, 1.7695 and minimum to Major Support (1.7560) 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 52.

Take Profits:

  1. 1.8450
  2. 1.8900
  3. 1.9275
  4. 1.9535
  5. 2.0535
Click on the level to view price action history.