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

#AUDCAD
Total Profit: 4837 pip
Closed trade(s): 4837 pip Profit

Trade Setup:
We opened 12 BUY trades @ 0.88143 based on 'Vally' entry method at 2022-11-10, signaled by DTO:
https://www.forecastcity.com/en/forecasts/Forex/daily-trading-opportunit...

Closed Profit:
TP1 @ 0.88646 touched at 2022-11-11 with 51 pip Profit.
TP2 @ 0.89653 touched at 2022-11-15 with 151 pip Profit.
TP3 @ 0.90250 touched at 2022-11-24 with 211 pip Profit.
TP4 @ 0.91050 touched at 2022-11-29 with 291 pip Profit.
TP5 @ 0.92545 touched at 2022-12-09 with 441 pip Profit.
TP6 @ 0.93340 touched at 2023-01-04 with 520 pip Profit.
TP7 @ 0.94610 touched at 2023-01-25 with 647 pip Profit.
5 trade(s) closed at market price as trend direction is changed, therefore total profit will increase by 505 x 5 = 2525 pip
51 + 151 + 211 + 291 + 441 + 520 + 647 = 4837 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.88095 to 0.87506). 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 (0.88095)
  • Ending of entry zone (0.87506)

DateJune 4, 2023 - 14:43
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 0.87506, resumption of uptrend is expected.
  • We make sure when the resistance at 0.89436 breaks.
  • If the support at 0.87506 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) 0.88628, 0.88095 and minimum to Major Support (0.87506) 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 39.

Take Profits:

  1. 0.89436
  2. 0.90320
  3. 0.91066
  4. 0.92134
  5. 0.93095
  6. 0.93904
  7. 0.95471
Click on the level to view price action history.