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Weekly forecast Australian Dollar / Canadian Dollar technical chart
Symbol AUDCAD

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.89051 to 0.88646). 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 (0.89051)
  • Ending of entry zone (0.88646)

DateMay 21, 2023 - 21:50
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 0.88646, resumption of uptrend is expected.
  • We make sure when the resistance at 0.91066 breaks.
  • If the support at 0.88646 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 0.91039 on 05/05/2023, so more losses to support(s) 0.89653, 0.89051 and minimum to Major Support (0.88646) 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 44.

Take Profits:

  1. 0.90431
  2. 0.91066
  3. 0.92134
  4. 0.93095
  5. 0.93904
  6. 0.94607
  7. 0.95471
  8. 0.96050
  9. 0.97600
  10. 0.99000
  11. 0.99900
Click on the level to view price action history.