AUDCAD produced a Daily Bullish Inside bar yesterday. Today’s price action has been Bullish as well. The last H4 candle made a breakout at yesterday’s higher high. If we have a good correction up to the breakout level and the price produces an H1 Bullish Engulfing candle right at the breakout level, then the price would head towards the North by offering us a long entry later today. Let us have a look at the H4 AUDCAD chart.
AUDCAD Price Action Analysis – 16th August 2018
Have a look at today’s Bullish H4 Engulfing candle. It made a breakout at the level of 0.95200. If the price comes back to the level and it is held by the next H4 candle, then an H1 Bullish Engulfing Candle would be the signal to take a long entry. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.95200
- Stop Loss: 0.94845
- Take Profit: 0.95760
- 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
As we see that the Daily trend is still Bearish. However, the down trending Trend line’s Resistance is far away. This means the price has enough room to travel towards the upside. Considering the H4 chart, the price starts trending towards the North with an Engulfing H4 candle and it made a breakout at an H4 Trendline. This means the H4 trend is Bullish. Since we analyze H4 chart and two of the factors suggest that the H4 trend is Bullish, so we are eyeing to go long on the pair.
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