Midterm forecast:
While the price is above the support 32.75, beginning of uptrend is expected.
We make sure when the resistance at 87.90 breaks.
If the support at 32.75 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 76.15 on 07/13/2020, so more losses to support(s) 66.10, 57.90, 48.30 and minimum to Major Support (32.75) 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 53.
Trade Setup:
We opened 12 BUY trade(s) @ 71.81 based on 'Valley' entry method at 2020.07.22.
Take Profits:
TP1: 79.90
TP2: 87.90
TP3: 117.10
TP4: 142.15
TP5: 184.55
TP6: 260.75
TP7: 399.65
TP8: 622.50
TP9: 803.35
TP10: 984.00
TP11: 1568.35
TP12: Free
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While the price is above the support 32.75, beginning of uptrend is expected.
We make sure when the resistance at 87.90 breaks.
If the support at 32.75 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 76.15 on 07/13/2020, so more losses to support(s) 66.10, 57.90, 48.30 and minimum to Major Support (32.75) 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 53.
Trade Setup:
We opened 12 BUY trade(s) @ 71.81 based on 'Valley' entry method at 2020.07.22.
Take Profits:
TP1: 79.90
TP2: 87.90
TP3: 117.10
TP4: 142.15
TP5: 184.55
TP6: 260.75
TP7: 399.65
TP8: 622.50
TP9: 803.35
TP10: 984.00
TP11: 1568.35
TP12: Free
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
Trade active:
19468 pips profit...
Total Profit: 19468
Closed trade(s): 2418 Profit
Open trade(s): 17050 Profit
Update Details:
Closed Profit:
TP1 @ 79.90 touched at 2020.07.28 with 809 pip Profit.
TP2 @ 87.90 touched at 2020.08.01 with 1609 pip Profit.
809 + 1609 = 2418
Open Profit:
Profit for one trade is 88.86(current price) - 71.81(open price) = 1705
10 trade(s) still open, therefore total profit for open trade(s) is 1705 x 10 = 17050
All SLs moved to Break-even point.
Take Profit:
TP3: 117.10
TP4: 142.15
TP5: 184.55
TP6: 260.75
TP7: 399.65
TP8: 622.50
TP9: 803.35
TP10: 984.00
TP11: 1568.35
TP12: Free
Total Profit: 19468
Closed trade(s): 2418 Profit
Open trade(s): 17050 Profit
Update Details:
Closed Profit:
TP1 @ 79.90 touched at 2020.07.28 with 809 pip Profit.
TP2 @ 87.90 touched at 2020.08.01 with 1609 pip Profit.
809 + 1609 = 2418
Open Profit:
Profit for one trade is 88.86(current price) - 71.81(open price) = 1705
10 trade(s) still open, therefore total profit for open trade(s) is 1705 x 10 = 17050
All SLs moved to Break-even point.
Take Profit:
TP3: 117.10
TP4: 142.15
TP5: 184.55
TP6: 260.75
TP7: 399.65
TP8: 622.50
TP9: 803.35
TP10: 984.00
TP11: 1568.35
TP12: Free
