AUDUSD has been in a range on the H4 chart. However, there is some space for the price to go upward. Today’s price action shows that the pair produced a strong H4 Bullish candle. If the breakout level is held by the current H4 candle, then we might get an opportunity to take a long entry on the pair. Let us have a look at the H4 AUDUSD chart.
AUDUSD Price Action Analysis – 31st July 2018
Have a look at today’s H4 Bullish Engulfing candle. The candle also has made a breakout at the level of 0.74155. Now that level has to be held by the current H4 candle. If this level is held and it produces an H1 Bullish Engulfing Candle afterwards, then buying the pair would get us some green pips later today. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.74155
- Stop loss: 0.74035
- Take Profit: 0.74640
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The best buying signal here would be if the current H4 candle finishes a bit above the breakout level. Later, an H1 candle of the next H4 candle comes to the breakout level, and then an H1 Bullish Engulfing Candle is produced. If the H1 Engulfing Candle is produced within the current H4 candle, that is a valid entry as well. However, the signal candle within the next H4 candle is considered as an A+ signal to take the long entry that we have recommended here. Let us wait and see what happens next.
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