AUD/CAD Daily Price Forecast – 20th Feb 2020

AUD/CAD Daily Price Forecast – 20th Feb 2020

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.

AUD/CAD Daily Price Forecast – 20th Feb 2020

AUD/CAD Daily Price Forecast – 20th Feb 2020

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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