Midterm forecast: While the price is above the support 14.5030, beginning of uptrend is expected. We make sure when the resistance at 16.3405 breaks. If the support at 14.5030 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 16.315 on 2020-06-10 and the trough at 14.51015 on 2020-12-18, 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 14.7500 on 01/21/2021, so more gains to resistance(s) 15.3750, 15.6585, 16.0745 and maximum to Major Resistance (16.3405) 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 55.
Trading suggestion: There is possibility of temporary retracement to suggested Buy Zone (14.761 to 14.503). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
. Beginning of entry zone (14.761) . Ending of entry zone (14.503)
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@Megan_forex, You're welcome! We hope you enjoy it.
ricomister
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@ForecastCity_World, I am a South African, and I agree with you here lol....
My initial forecast was above 16 at the end of the year (had to close at meager profit), it might still happen, but the volatility messed that one up, swings downward were very powerful...
I entered again now at 14.7 with over half a million ZAR.
let us see what happens...
I really want to make some money back for the losses I made with me being stupid in taking a long position in the USDCAD, my take profit is 15-15.5, my stop loss is 14.4/14.3.
I might exit sooner if my position goes in red if I think I can mitigate losses that way before it reaches 14.4/14.3 (if everything looks bad etc.)
sofi_Morphy
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Interesting idea
ForecastCity_World
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@sofi_Morphy, Thank you for your comment. We appreciate it 🌹