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ForecastCity
Sep 22, 2020 8:28 PM

Two great sell opportunities on this chart for AUDCAD Short

FX:AUDCAD240
Australian Dollar/Canadian DollarFXCM

Description

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Mid-Term Forecast:

Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (0.9597). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Technical analysis:
. AUDCAD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 45.

Take Profits:
TP1= @ 0.9505
TP2= @ 0.9405
TP3= @ 0.9270
TP4= @ 0.9065
TP5= @ 0.8915

SL: Break Above R2
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Short-Term Forecast

Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (0.959). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Technical analysis:
. AUDCAD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 29.

Take Profits:
TP1= @ 0.9522
TP2= @ 0.9487
TP3= @ 0.9420
TP4= @ 0.9290
TP5= @ 0.9195

SL: Break Above R2

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Trend AnalysisChart PatternsTechnical IndicatorsaudCADAUDCADdollarcanadadollar
Comments
Mehmetozdemi
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Nice and useful!
ForecastCity
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@Mehmetozdemi, Thanks for your comment
ForecastCity
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@ForecastCity, All the best to you
DenizKilicDeniz
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Bullish is more probable to me.
DenizKilicDeniz
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@DenizKilicDeniz, Good job though ;) Clean as always
ForecastCity
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@DenizKilicDeniz, Thanks for sharing your feedback
ForecastCity
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@DenizKilicDeniz, UDCAD is in a range bound and the beginning of downtrend is expected.
Pro_Trader_007
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@ForecastCity, Sure it is. Thanks
Mehmetozdemi
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@DenizKilicDeniz, I guess you're wrong this time my friend. It definitely will go way down.
DenizKilicDeniz
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@Mehmetozdemi, I'm not the only one who think like that. ;) I'm a fan of this page but still It's more likely AUDCAD will go up. We'll wait and see.
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