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Weekly forecast US Dollar / Canadian Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.38537 to 1.38991). 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 (1.38537)
  • Ending of entry zone (1.38991)

DateDecember 2, 2023 - 12:43
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.38991, beginning of downtrend is expected.
  • We make sure when the support at 1.33812 breaks.
  • If the resistance at 1.38991 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 1.36937 on 2023-09-07 and the peak at 1.38981 on 2023-11-01, 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 1.37760 on 11/16/2023, so more losses to support(s) 1.34617 and minimum to Major Support (1.33812) 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 32.

Take Profits:

  1. 1.37371
  2. 1.36659
  3. 1.35718
  4. 1.34617
  5. 1.33812
  6. 1.32672
  7. 1.31749
  8. 1.30929
Click on the level to view price action history.

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