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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD
Trade Setup

#AUDCAD
Total Loss: 2214 pip
Closed trade(s): 2214 pip Loss

Trade Setup:
We opened 9 BUY trades @ 0.90259 based on 'Vally' entry method at 2022-06-15.

Closed Loss:
SL @ 0.87802 touched at 2022-06-22 with 2214 pip Loss.
Loss for one BUY trade is 0.90259(open price) - 0.87802(close price) = 246 pip
Therefore total loss for trades is 246 x 9 = 2214 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.87450 to 0.86681). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (0.87450)
  • Ending of entry zone (0.86681)

DateJuly 31, 2022 - 11:35
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.86681, beginning of uptrend is expected.
  • We make sure when the resistance at 0.90600 breaks.
  • If the support at 0.86681 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.892165 on 2022-05-11 and the trough at 0.87276 on 2022-07-13, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.87267 on 07/13/2022, so more gains to resistance(s) 0.89689 and maximum to Major Resistance (0.90600) 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 54.

Take Profits:

  1. 0.91474
  2. 0.92545
  3. 0.93407
  4. 0.94610
  5. 0.95978
  6. 0.97600
  7. 0.99000
  8. 0.99900
Click on the level to view price action history.