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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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Trade Setup
#GBPCAD
Total Profit: 318 pip
Closed trade(s): 39 pip Profit
Open trade(s): 279 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 1.6381 (day close price) based on 'Valley' at 2019.10.02 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.6420 touched at 2019.10.03 with 39 pip Profit.

Open Profit:
Profit for one trade is 1.6412(current price) - 1.6381(open price) = 31 pip
9 trade(s) still open, therefore total profit for open trade(s) is 31 x 9 = 279 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.

DateOctober 5, 2019 - 20:44
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.57350, resumption of uptrend is expected.
  • We make sure when the resistance at 1.65850 breaks.
  • If the support at 1.57350 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 43 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 1.6190 on 10/01/2019, so more gains to resistance(s) 1.6420 and maximum to Major Resistance (1.6585) 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 53.

Take Profits:

  1. 1.6420
  2. 1.6585
  3. 1.6770
  4. 1.6975
  5. 1.7135
  6. 1.7315
  7. 1.7535
  8. 1.7725
  9. 1.8415
Click on the level to view price action history.