AUDCAD had a strong bearish momentum in December last year on the Daily chart. The beginning of the pair in 2017 seems to be bullish though. The pair produced a bullish daily candle yesterday. Today’s price action has been bullish as well. The price has already broken yesterday’s higher high. Thus, we are going to keep our eyes on this pair to go long today. Let us have a look at the hourly chart to find Entry, Exit, and Stop loss levels.
Today’s price has broken the level of 0.97165. The price continued its journey towards north one more candle after the break as well. Then, the price seems to be having correction. What traders should wait for here is that the price comes back at the level of 0.97165 and produces an hourly reversal. If it happens, then buying this pair would be the best option for today. Take profit should be placed at 0.97720 and stop loss should be placed today’s lower low at the level of 0.96820.
Let us have a look at the summary of the trade
- Entry:  Enter a Buy Limit price at 0.97165. We will wait for a pull back to this level before entering into position.
- Take Profit Target: Â 0.97720
- Stop loss Price: Â 0.96820
Remember to enter as a buy limit. If we do not get the price that we want, then this trade is a not go.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: AUDCAD Free Forex Trading Signals – 4th Jan 2017
Tip of the day:
Yesterday’s trade setup did not work as we had assumed. USDJPY did not produce an ABC pattern. The price did go to the level that we recommended, but came back sharply from the recommended level as well. We strongly believe that if the pair had produced an ABC pattern, then it would not have come back as sharply as it did. Today’s price action is more likely to produce an ABC pattern though. If it does, then we are with long entry. If it does not, then we had better not get aggressive to take long entry.
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