AUDCAD has been within a range on the H4 chart after making a huge Bullish move. The price has made a Double Bottom and has been trying to make an upside breakout. If the breakout takes place, then the buyers would love to push the price to go further up. Let us have a look at the H4 AUDCAD chart.
AUDCAD Price Action Analysis – 29th Jan 2018
Look at the chart here. The price came down after making a new higher high. Then, it made a Double Bottom and started going towards the North again. The level of 1.00050 has been the level of Resistance here. On the other hand, the level of 0.99700 has been the intraday support. The buyers are going to wait to get an H4 breakout at the level of 1.00050. If it does take place, then the price should reach the level of 1.00900 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.00050.
- Stop loss: 0.99700
- Take Profit: 1.00900
- 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
Have you noticed that today’s breakout level is a huge psychological level. It is 1.00000. This means we are eyeing to get a breakout at a level where so many equations are involved. We must be very disciplined with our Stop loss and Take profit level here. This could be the time for the AUD to go higher in price than the CAD. Let us wait and see what actually happens.
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