Most of the pairs in the Forex market have been in a range after the last FOMC event. As things stand, the pairs might take some time to take their directions and offer us entries. Among them, AUDCAD looks good to offer us a long entry. The pair has been on a bullish trend and has had some corrections already. Let us find out the levels that we need keep our eyes on to take the long entry on AUDCAD.
As we can see that the pair has kept making higher highs from the level of 1.01280. The level is a Double bottom level as well. The price went up to 1.03285 yesterday. Then, it has been having correction. Here the level of 1.02850 has the potential to be a level of support. If this level is held and we get an H4 breakout at 1.03285, then buying AUDCAD should be a good option.
An H1 breakout after getting an H4 reversal candle would be valid for the trade set up as well.
Let us have a look at the summary of the trade
- Buy Stop Order: 1.0328
- Stop Loss Level: 1.02850
- Take Profit Target: 1.04070
This trade setup is based on ABC trading pattern. This is a reliable pattern, but we have to be immaculate on setting our Take profit. Price often takes opposite direction after hitting the take profit level. Traders are advised that they should be aware of the spread of a pair at the time of setting their Take profit while trading on an ABC trading pattern.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: AUDCAD Free Forex Trading Signals – 21st March 2017
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