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

#AUDCAD
Total Profit: 639 pip
Closed trade(s): 0 pip Profit
Open trade(s): 639 pip Profit

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

Open Profit:
Profit for one BUY trade is 0.90965(current price) - 0.90259(open price) = 71 pip
9 trade(s) still open, therefore total profit for open trade(s) is 71 x 9 = 639 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.

DateAugust 14, 2022 - 12:57
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.87450, beginning of uptrend is expected.
  • We make sure when the resistance at 0.91474 breaks.
  • If the support at 0.87450 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 0.88757 on 08/03/2022, so more gains maximum to Major Resistance (0.91474) 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 64.

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.