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AUDCAD Price Action Analysis – 8th June 2017
AUDCAD has been having a solid bull run on the H4 chart. The price has kept making higher highs. It seems that the price would go towards the North further and make new higher highs. Let us have a look on the H4-AUDCAD chart…
The chart clearly suggests that the price has been up trending on AUDCAD. The momentum has been very strong as well. On its way, the price has made a breakout at 1.01300. This level has a potential to be a strong level of support. If it really happens, then we should wait for an H4 reversal candle right at that level to take a long entry. This is the summary of the trade…
- Buy Limit Order: 1.01300
- Stop Loss Level: 1.00700
- Take Profit Target: 1.02500
- 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
It has been a difficult week for the traders who trade on long time frames such as H1, H4 charts. The price has been missing the right level to make it the level of support/resistance. Clearly the Forex market has been having less liquidity. We all know that this is for UK election. Big traders, financial organizations have been waiting to make use of the election in their trading. All other pairs will be affected to some extent, but GBP pairs might get extremely volatile. As a retail trader, if you are less experienced and do not know what you are doing, please make sure that you do not take entries on GBP pairs today.
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 Price Action Analysis – 8th June 2017
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