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AUDUSD has been bullish on the H4 chart for the last 4 trading days. The pair made another breakout towards the North on the H4 chart. The buyers of AUDUSD must be eyeing on the pair to find out buying opportunities. In fact, the price is approaching towards a significant level, which has the potential to be a level of support. If that level is held as a support level and it ends up producing an H4 bullish engulfing candle, then the price again would head towards the North by offering a long entry. Let us have a look at the H4 AUDUSD chart…
AUDUSD Price Action Analysis – 4th Dec 2018
The chart clearly shows that a breakout took place at the level of 0.73380. It was in fact a level of Double Top of a bigger chart as things look. Now if the price comes back to the level and produces an H4 bullish engulfing candle, then buying the pair would get us some green pips with a good risk and reward ratio. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.73380
- Stop Loss: 0.72800
- Take Profit: 0.74200
- 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
We are at the first week of the last month of 2018. This month is supposed to be slow. However, it was an excellent day to start the week. Some pairs including Gold made some big moves. Let us hope that it stays like that at least two/three more weeks. If things go as it usually does, the market will be sluggish in the last week of December.
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