AUDCAD has been having a strong Bearish trend on the Daily chart. The pair made a strong Bearish move on the last Friday as well. Today’s first two H4 candles came out as Bearish corrective candles. There is a level nearby where the price is at the moment, which has the potential to be a level of Resistance. That level has to be held. If the level produces an H4 Bearish Engulfing candle and later we get an H1 breakout at last day’s lower low, then selling the pair would get us some green pips. Let us have a look at the H4 AUDCAD chart.
Have a look at the strong Bearish momentum on the H4 chart. Today’s first H4 candle came out as a Bullish candle though. However, the overall trend suggests that we should only look for selling opportunity here. The level of 0.93800 is the key level here. If that level produces an H4 Bearish Engulfing Candle and later we get an H1 breakout at the level of 0.93465, then the price would head towards the level of 0.92840 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.93465
- Stop Loss: 0.93800
- Take Profit: 0.93465
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The best time for the signal to come would be after the New York open today. The signal might come once the current H4 candle finishes as well. However, I assume if it comes around GMT 15.00 that would be an excellent signal to take the entry.
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