AUDUSD has been Bearish on the H4 chart. Yesterday’s Daily candle came out as a Doji candle. Moreover, the H4 chart shows that the price has produced a Double Top at a significant level of Resistance. To go more with it, the current H4 candle has shown all the signs to make a breakout at the neckline of that Double Top. If the breakout takes place, then we might get an opportunity to take a short entry and grab some green pips. Let us have a look t the H4 AUDUSD chart.
AUDUSD Price Action Analysis – 2nd Oct 2018
The level of 0.72390 is the level of Resistance here. On the other hand, the level of 0.72080 is the level, which has to be broken by an H4 candle. The current H4 candle is yet to be finished. Thus, we have to wait until the candle closes to be confirmed about the breakout. After the breakout, we have to wait for the next H1 candle to close below the breakout candle to take the short entry. Let us have a look at the summary of the trade…
- Sell Limit Order: 072080
- Stop loss- Above 0.72390
- Take Profit: 0.71100
- 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
Today at GMT 05.30 the AUD had a massive high impact news event called “RBA rate statement”. The news event has made the currency make breakouts on almost all the pairs related to it. Thus, traders will keep their eyes on the AUD pairs to find trading opportunities more over other pairs today.
The post AUDUSD Price Action Analysis – 2nd Oct 2018 appeared first on Advanced Forex Strategies.
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