AUDCAD has been having a strong Bullish trend on the Daily chart. The price has had a Bearish correction on the H4 chart as well. However, the price is right at a strong level of Support, which might come into play and push the price towards the North. Let us have a look at the H1 AUDCAD chart.
AUDCAD Price Action Analysis – 15th Mar 2018
Have a look at the chart. The price was up trending. Then the H4 chart started having some correction. The level of 1.01800 seems to be a level of Double Bottom Support. If this level is held by the H4 candles and then it goes to make breakout at the level of 1.02090, then an H1 Bullish reversal candle would be the signal to take a long entry on the pair later today. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.02090
- Stop Loss: 1.01800
- Take Profit: 1.02740
- 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
So far today’s price action has been Bearish. However, we are still eyeing to get an upside breakout. The reason behind that is bigger time frames’ such as the Daily, H4 charts favor the Bull. In my opinion, the Daily and the H4 chart have a huge impact in the Forex market. Especially to determine the trend, we should consider these two charts. Many traders use intraday charts such as 15M, 30M, H1 chart to determine the trend. It might work for a time being, but in the long run, it would not take us anywhere.
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