AUDCAD made a massive bearish move on the daily chart yesterday. Yesterday’s daily candle made a breakout at a level of support. The pair is trading below the level today. On the H4 chart, the price seems to consolidate within two levels. If the level of resistance produces a bearish reversal candle, the sellers may go short again below today’s lowest low. Let us have a look at the H4 AUDCAD chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price headed towards the South with good bearish momentum. It has had a bounce at the level of 0.87730 and has been on consolidation. The level of 0.87960 may come into play and work as a level of resistance since it is a significant Fibonacci level. If the level produces a bearish reversal candle, the sellers may go short below the level of 0.87730. Let us have a look at the summary of the trade…
- Sell Limit: 0.88410
- Stop Loss: 0.88764
- Take Profit: 0.87912
The price may head towards the South further since the price is trading below the weekly support as well. It is not a weekly breakout yet until the weekly candle closes below the level. However, the way things have been going, we may get a bearish weekly breakout as well. If that happens, the sellers may dominate on the pair for some days. Thus, based on this trade, the H4 sellers’ setup may consider taking a partial profit at the take profit level and let the rest of it run.
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