AUDUSD produced a Bullish Daily candle yesterday. To go more with it, the H4 chart produced a huge H4 Bullish Engulfing Candle, which made a breakout towards the upside. The current H4 candle has been Bearish and the price has been having a correction. If the H4 candle is held by the breakout level, and we get an H1 Bullish Engulfing Candle right at the breakout level, then buying the pair would get us some green pips. Let us have a look at the H4 AUDUSD chart.
AUDUSD Price Action Analysis – 19th April 2018
Have a look at the H4 candle, which made a breakout at 0.77985. If the current H4 candle is held by this level, then we have to wait for an H1 Bullish Engulfing candle to take the long entry. If we get the signal candle as a Bullish Engulfing Candle, then the price should reach 0.78600 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.77985
- Stop loss: 0.77645
- Take Profit: 0.78600
- 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
None of the currency of this pair has any high impact news event to face. Thus, the price would run technically. Now we have to wait for whether the current H4 candle is held by the breakout level. Then, we have to wait for the signal candle, which has to be an Engulfing Bullish Candle. If both of these conditions are met, then this would be an entry which would not take too long to hit the target.
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