AUDUSD has been bullish for the last four trading days on the daily chart. The daily chart produced a double bottom. Yesterday’s daily candle came out as a bullish candle, which has set a strong bullish tone on the H4 chart. The H4 chart shows that the price produced two bearish candles consecutively. The last candle came out as a strong bearish candle closing within a flipped level of support. If the level produces a bullish reversal candle, the buyers may get an opportunity to go long in the pair.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price after being bullish had a rejection at 0.64725. Upon producing a Doji candle, the chart produced a bearish Marubozu candle closing within the level of 0.64425. As of writing, the price has been bullish in the current H4 candle. If the candle ends up being a bullish reversal candle, the buyers may go long in the pair above the level of 0.64725.
Trade Summary:
- Buy Stop: 0.64743
- Stop Loss: 0.64071
- Take Profit: 0.65550
The daily chart shows that the price has enough space to travel towards the North. Thus, the buyers may consider taking a partial profit at the take profit level in this trade setup and let the rest of the trade run. The price may find its resistance around 0.66900. If the bullish reversal candle comes out as a bullish engulfing candle, the price may reach the daily resistance in a hurry. Let us wait and see how it ends.
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