AUDCAD had a strong Bearish move on the Daily chart. However, by looking at the H4 chart, it seems that the pair might go towards the North. Today’s first H4 candle came out as a Doji candle and the next one came out as a Bullish candle. The last candle has made a breakout as well. If the current candle is held by the breakout level and the H1 chart produces a good-looking H1 Bullish Engulfing Candle, then buying the pair would get us some green pips. Let us have a look at the H4-AUDCAD chart.
AUDCAD Price Action Analysis – 3rd May 2018
Have a look at today’s 2nd H4 candle, which made a breakout at 0.96540. The current H4 candle has been making a correction. If it is held by the breakout level and we get an H1 Bullish Engulfing Candle, then the price would reach 1.97000 without having too many pauses. Let us have a look at the summary of the trade…
- Entry- H1 Bullish Engulfing Candle at 0.96540
- Stop loss- Below 0.96375
- Take profit- 0.97000
- 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
Yesterday’s FOMC was good for the USD. Today from the beginning the USD has been weak. Nevertheless, it seems that the USD would continue to get its strength. The next Friday, NFP is going to publish its data. If the data comes out “Hawkish”, then we might get another very good month for the USD. This is the picture of very big time frames such as the Weekly or Monthly though. Meanwhile, let us closely monitor the time frames that we trade and trade accordingly.
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