EURAUD has been in a range on the H4 chart. However, the price seems to have found a strong level of Support, where the H4 chart might be going to produce a Double Bottom. If this is the case, then the pair is going to head towards the North by offering us a long entry later today. Let us have a look at the H4 EURAUD chart.
EURAUD Price Action Analysis – 1st May 2018
Have a look at the level of 1.60000. The price produced a good-looking H4 candle earlier from this level. Today, the price stalled there and the current H4 candle seems to be a strong Bullish one so far. If this H4 candle engulfs the last H4 candle and then we get an H1 breakout at the level of 1.60500, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.60500
- Stop Loss: 1.60000
- Take Profit: 1.61450
- 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
The AUD has a high impact news today at GMT 10.20. The current H4 candle is finishing at GMT 10.00. Thus, the immediate H1 candle after the current H4 candle would cover the news event. I believe that the signal might come on that hour. It has to be a strong good-looking H1 candle with less spike. A news event like this often produces a long spike on the H1 candle. Let us hope that it does not happen today with our trade setup.
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