AUDUSD made a strong bearish move yesterday on the H4 chart. The daily candle ended up being a bearish engulfing candle as well. The H4 chart shows that the price made a breakout at an up trending trend line. Thus, the pair might offer a short entry later today after an upward correction. Let us have a look at the H4 AUDUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The price came down up to the level of 0.69565 and started having an upward correction. The level of 0.69865 may come into the game and be the level of resistance. If the level is held and it produces an H4 bearish engulfing candle, then an H1 breakout at the level of 0.69565 would drive the price to go down up to the level of 0.69085 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.69563
- Stop Loss: 0.69563
- Take Profit: 0.69026
The trend that we are following to go short that did not start with a double top or the price did not come from a long range. However, the length of the trend and momentum look strong. One of the reasons may the first candle of the trend. It is a very good-looking bearish engulfing candle. That might have set a strong bearish tone. Let us now wait for the correction to get over and how the price reacts. An H4 bearish engulfing candle is the first thing to get followed by a momentum breakout at the trend’s lowest low are the two most important thing that we need to have in this trade setup.
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