AUDUSD has been up trending on the H4 chart. The pair has found a strong resistance level at 0.76950. However, today’s price action suggests that the pair might break the level and head towards the north. Let us have a look at the H1 chart.
AUDUSD Free Forex Trading Signals – 6th Feb 2017
This is H1 chart. As we can see the massive H1 engulfing bull candle and then two consecutive bull candles failed to break the level of 0.76950. The price then has been having correction. Here the level of 076570 has worked as a support. If we see a good bullish move from this level and the level of 0.76950 gets broken, then we wait for the price to come back at the breakout level to take long entry on the pair upon an hourly reversal. It is a long way to go, but this is one of the most rewarding trading patterns in the Forex market.
Let us have a look at the summary of the trade
- Buy Stop Order: 0.76950
- Stop Loss Level: 0.76570
- Take Profit Target: 0.77780
As you can see that, the risk and reward ratio is fantastic on this pattern, so the market has the tendency to make an abrupt move on the trading wave. Thus, if we are to take entry we have to be able to think quickly and determine whether there is a solid signal to take an entry or not. It needs a lot of practice. If there is any doubt; leave it out. Get some practice on your demo account and be a master at it. You will surely love to trade on this pattern (ABC pattern) once you learn the art of trading on ABC pattern.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: EURUSD Free Forex Trading Signals – 1st Feb 2017.
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