AUDCAD has been having a range on the Daily chart. The H4 chart shows that the price has been down trending. However, the overall trend, especially the Daily chart shows that the trend is still with the Bull. Today’s first H4 candle was a massive Bearish candle, but the next one came out as a Bullish candle. If the current candle comes out as a Bullish candle and makes a breakout towards the upside, then we might get an opportunity to go long on the pair later today. Let us have a look at the H4-AUDCAD chart.
The current candle has to breach the level of 0.97700. Then, if the next H4 candle is held by the breakout level and we get an H1 Bullish Engulfing Candle right at the breakout level, then the price would reach the level of 0.98330. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.97700
- Stop Loss: 0.97390
- Take Profit: 0.98330
- 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
Today the CAD has a two high impact news release at GMT 15.00. This news event could make the Cad pairs be extremely volatile. Thus, we should wait for the signal to come after the news events’ volatility is over. If the signal comes before the news event at any time, I would suggest that we might as well not take the entry. There is a good chance that the news event would set a new tone on the pair; at least it would create some long spikes on the intraday charts today.
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