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AUDCAD Price Action Analysis – 17th July 2017

AUDCAD has been on a downtrend on the Daily chart. The price has been obeying a down trending Trend line for number of times. Thus, I am going to look for selling opportunities on the pair. By looking at today’s price action, it seems that the pair might offer us a short entry later today. Let us have a look at the H4 AUDCAD chart today….

After making a number of lower lows, the price went up once. However, it came down even with more pressure. It went up to 0.99500 again, where it produced an H4 reversal candle. If the price now makes a breakout at 0.98550, then it would come further down. Then, the price would go back to the breakout level (0.98550) again, and produce an H1 reversal candle, right there. If these happen, then selling the pair would get us some green pips today. Let us have a look at the summary of the trade…

• Sell Limit Order: 0.98550
• Stop Loss Level: 0.99050
• Take Profit Target: 0.97300
• 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

Pay attention to today’s trade setup. This is an ABC trading pattern if things go according to my calculation. Selling the pair on the pullback is the key of this trading pattern. The pair might start trending much lower than the recommended level. However, the best thing to do would be if we wait for the price to come back right at the recommended level and then it starts trending. That is when we get the best risk and reward ratio.

We hope that you enjoy our Free Forex Trading Signal today: USDCHF Price Action Analysis – 14th July 2017

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