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Weekly forecast British Pound / Canadian Dollar technical chart

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Trade Setup
Total Profit: -160 pip
Closed trade(s): 0 pip Profit
Open trade(s): -160 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 1.6341 (day close price) based on 'Valley' at 2019.07.18 signaled by DTO:

Open Profit:
Profit for one trade is 1.6326(current price) - 1.6341(open price) = -16 pip
10 trade(s) still open, therefore total profit for open trade(s) is -16 x 10 = -160 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.

DateJuly 20, 2019 - 15:52
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 1.5735, beginning of uptrend is expected.
  • We make sure when the resistance at 1.6585 breaks.
  • If the support at 1.5735 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI bounced from the support #1 at 22 and it prevented price from more losses.
  • The RSI downtrend #2 is broken, so the probability of beginning of uptrend is increased.
  • While the RSI resistance #3 at 43 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 1.6145 on 07/15/2019, so more gains to resistance(s) 1.6420 and maximum to Major Resistance (1.6585) 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 33.

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.