ForecastCity_ME

💡Don't miss the great sell opportunity in AUDCAD

Short
FX:AUDCAD   Australian Dollar/Canadian Dollar
Midterm forecast:
While the price is below the resistance 0.9990, beginning of downtrend is expected.
We make sure when the support at 0.9650 breaks.
If the resistance at 0.9990 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 0.9899 on 2021-01-06 and the peak at 0.9989 on 2021-02-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 0.9990 on 02/22/2021, so more losses to support(s) 0.9775, 0.9715 and minimum to Major Support (0.9650) 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 46.

Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (0.9990 to 0.9900). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

. Beginning of entry zone (0.9990)
. Ending of entry zone (0.9900)

Take Profits:
TP1 @ 0.9775
TP2 @ 0.9715
TP3 @ 0.9650
TP4 @ 0.9540
TP5 @ 0.9430
TP6 @ 0.9255
TP7 @ 0.9065
TP8 = Free

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ForecastCity English Support Team ❤️
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Comments

Well done
+1 Reply
ForecastCity_ME carefulOwl22772
@carefulOwl22772, Thank you for your comment. We appreciate it 🌹
Reply
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