AUDUSD produced an Inverted Hammer yesterday. However, the daily chart shows that a significant level of support holds the price. Today’s intraday price action has been bullish. If the price keeps being bullish and ends up producing an H4 bullish engulfing candle followed by an H1 breakout at the swing high, the buyers may trigger a long entry to grab some green pips. Let us have a look at the H4 AUDUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals AUDUSD – 1st Nov 2019
The price had a rejection at the level of 0.69292 yesterday. It then came down and had its support at the level of 0.68830. Today’s second H4 candle came out as a bullish engulfing candle right from that level. Combining three candles, the chart produces a Morning Star. However, the price may not make its bullish journey yet for a fundamental reason. If it comes back at the support and produces an H4 bullish engulfing candle, then an H1 breakout at the level of 0.69292 would be the signal to go long on the pair. Summary of the trade…
- Buy Stop Order: 0.69297
- Stop Loss: 0.68831
- Take Profit: 0.69868
As mentioned, despite being a Morning Star, the price has not been that bullish. The USD has three high impact news events at GMT 12.30. All the USD pairs may get very volatile during these news events. The signal would work best if it comes after the news hour. Let us not forget to measure the risk-reward. If the H1 candle goes too far up, we may skip taking the entry.
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