AUDUSD has been bearish on the daily chart for several days. The pair produced a very strong bearish candle yesterday. Thus, the sellers must be on their toes to go short below yesterday’s lowest low. The pair produced two bullish H4 candles today. However, as of writing, the current candle has been bullish and a Fibonacci level has been working as a level of resistance. If the level produces a bearish engulfing candle, the pair may head towards the South with good bearish momentum. Let us have a look at the H4 AUDUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
AUD/USD Daily Price Forecast – 27th Feb 2020
The chart shows that the price found its support at the level of 0.65435 and produced two consecutive bullish candles. The level of 0.65555 may produce a bearish reversal candle. If that happens, the sellers may go short below the level of 0.65435. Let us have a look at the summary of the trade…
- Entry: Sell below 0.65435
- Stop Loss: Above 0.655555
- Take Profit: 0.65050
Since the pair has been bearish for a long time on the daily chart, thus the pair may head towards the South further. The sellers may consider taking partial profit at Take Profit level. The pair may go up to the level of 0.64000. The big charts such as the weekly and the monthly are strongly bearish as well. Traders may skip taking any long entries even on the minor charts. The pair have been the bear’s territory and it may remain like this at least for one more month.
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