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Weekly forecast British Pound / Australian Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.93900 to 1.94882). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.93900)
  • Ending of entry zone (1.94882)

DateSeptember 17, 2023 - 15:27
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.99675, beginning of downtrend is expected.
  • We make sure when the support at 1.85001 breaks.
  • If the resistance at 1.99675 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI support #1 at 50 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 1.97430 on 09/06/2023, so more losses to support(s) 1.91644, 1.88547 and minimum to Major Support (1.85001) 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 37.

Take Profits:

  1. 1.91644
  2. 1.88547
  3. 1.85001
  4. 1.80340
  5. 1.72489
  6. 1.64965
Click on the level to view price action history.