AUDCAD made a strong bearish move on the H4 chart. Three consecutive H4 bearish candles made the pair look good for the sellers to start selling the pair on its weakness. However, H4 traders will be waiting for a full length correction up to the breakout level. Let us find out the breakout level from where the sellers would love to get another H4 bearish engulfing candle. Have a look at the H4 AUDCAD chart.
AUDCAD Price Action Analysis – 20th Dec 2018
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See those three good-looking H4 bearish candles. The second candle made the breakout at the level of 0.96320. The level looks significant since the price reacted to it heavily on a number of occasions. The level of 0.95670 seems to be the level of support here where the price has started having correction. If the price goes back to the breakout level and produces an H4 bearish engulfing candle, then an H1 breakout right at the support level would ride the price further down with a good momentum. Let us have a look at the summary of the trade
- Entry: H1 breakout at 0.95670
- Stop loss: Above 0.96320
- Take profit: 0.94630
- 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
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The CAD has three massive news events tomorrow. Two of them will take place at GMT 13.30 hrs; other one will take place at GMT 15.00 hrs. The signal might come at anytime, but to be safe the best thing would be to take the entry once all the news events get over tomorrow. On the other hand, if by any chance the signal comes today (less likely), then we might as well take the entry.
The post AUDCAD Price Action Analysis – 20th Dec 2018 appeared first on Advanced Forex Strategies.
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