AUDCAD has been bearish on the daily chart. The chart produced two consecutive bearish candles. The H4 chart shows that the price after being very bearish had an upward correction. The price found its resistance and produced a bearish reversal candle. If the price keeps going towards the South and makes a breakout at the lowest low of the bearish wave, it may head towards the South further with good bearish momentum. Let us have a look at the H4-AUDCAD chart…
This trade idea was generated by our powerful Elite Swing Trader System on a H4 time frame.
The chart shows that the price had bounced at the level of 0.90250 and had a correction. The level of 0.90580 has been the level of resistance, which produced a bearish engulfing candle. The price has been driving towards the downside towards the level of support. An H1 breakout may attract the sellers to go short and make a new lower low. Let us have a look at the summary of the trade…
- Sell Stop order: 0.90194
- Stop Loss: Above 0.90424
- Take Profit: 0.89844
The year ending factor may have started already. The market seems to get sluggish. Thus, traders may close their entry once their first target achieved. In a sluggish market like this, the price usually retraces longer once it hits a significant level of support/resistance. One more point to be noted is the market may produce much fewer signals than usually, it does. Traders must not lose their patience but be careful and observant. December is a month, where traders are to watch more and do less.
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