AUDCAD has made a significant bearish move on the H4 chart. The H4 chart shows that the price was within a range for several days. Today’s first H4 candle was extremely bearish breaching a level of support, which held the price for a long time. If the price makes an upward correction and makes another breakout at today’s lowest low, the seller may go short on the pair to grab some green pips. Let us have a look at the H4 AUDCAD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals AUDCAD – 14th Nov 2019
The chart shows that the price made a breakout at the level of 0.90320. It had bounces at that zone several times. It may consolidate and find its resistance at the breakout level. If the level holds the price and produces an H4 bearish reversal candle, then an H1 breakout at the level of 0.90060 would be the signal to go short. The price has enough room to travel towards the downside. This may make the next bearish move to have an extra selling pressure. Let us have a look at the summary of the trade…
- Sell Stop order: 0.90077
- Stop Loss: 0.90366
- Take Profit: 0.89779
The sellers shall wait for the price to consolidate first. If it does not consolidate here, it may consolidate later. We may still take a short entry upon a breakout and by setting Stop Loss above the resistance of the consolidation zone. In that case, the profit target shall be set at the level of 0.89180.
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