AUDCAD Breakout Trading Signal – 7th Feb 2019
AUDCAD had a strong bearish day yesterday. The Daily Candle came out as a bearish engulfing candle which will have some strong impact on its next movement. The H4 chart shows that the price has been on consolidation. The resistance level is not too far from where the price is now. If the level is held and it produces an H4 bearish engulfing candle, then an H1 breakout at today’s lower low would lead the price to go further South. Let us have a look at the H4 AUDCAD chart.
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The level of 0.93785 is the level to be broken and the level of 0.94060 is the level to be held. If the level of 0.94060 is held and produces an H4 bearish engulfing candle, then an H1 breakout at the level of 0.93785 would drive to price to go towards the level of 0.92910 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.93785
- Stop Loss: 0.94060
- Take Profit: 0.92910
Both the Daily and the H4 chart have made breakout towards the South. This means that the pair would get many traders and enough liquidity in coming days. The space for the price to go towards the South is huge as well. Thus, I think we might see a good bearish wave on AUDCAD soon. Meanwhile, let us patiently wait and see whether the price is held and act as per the shared trade setup here.
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