[FOREX TIP] AUDCAD Price Action Analysis – 16th August 2018

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.

AUDCAD Price Action Analysis – 16th August 2018

The post AUDCAD Price Action Analysis – 16th August 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] EURCAD Price Action Analysis – 15th August 2018

EURCAD has been having a strong Bearish trend on the H4 chart. The price has kept making lower lows. Yesterday’s daily candle finishes with a strong Bearish momentum without having any spike from the downside. Today’s first two H4 candles were held by yesterday’s Resistance level as well. If the Resistance level produces an H4 Bearish candle and later we get an H1 candle to make new lower low, then selling the pair would get us some green pips. Let us have a look at the H4 EURCAD chart.

EURCAD Price Action Analysis – 15th August 2018

The level of 1.48100 is the level of Resistance here. If we get an H4 Bearish Candle and an H1 Bearish candle closes below that H4 candle, then we should take a short entry right after that H1 candle’s closing. There is a lot of space for the price to travel. However, the price might start having some correction from the level of 1.47200. Let us have a look at the summary of the trade…

• Sell Limit: 1.48100
• Stop Loss: 1.48700
• Take Profit: 1.47200
• 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 we have about 90 pips range for the price to travel today. I assume our signal would be produced around at 45 pips below from the Resistance level. If that comes lower than that but the H4 Bearish candle is not that strong, then we might as well skip taking the entry. It would not offer us a good risk and reward ratio then.

EURCAD Price Action Analysis – 15th August 2018

The post EURCAD Price Action Analysis – 15th August 2018 appeared first on Advanced Forex Strategies.

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