AUDCAD Price Action Analysis – 31st August 2018
AUDCAD has been Bearish on the H4 chart. The pair has kept making lower lows by obeying a down trending Trendline. Yesterday’s Daily candle came out as a Bearish candle as well. It was not a solid good-looking Bearish candle, but the overall sentiment shows that the pair might make another Bearish move later today. Let us have a look at the H4 AUDCAD chart.
The level of 0.93960 is the level of Support here, which has to be broken. On the other hand, the level of 0.94415 is the level that might play its part as the level or Resistance. If this level is held and produces an H4 Bearish Engulfing Candle and later we get an H1 breakout at the level of 0.93960, then the price would head towards the level of 0.93220 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.93960
- Stop Loss: 0.94415
- Take Profit: 0.93220
- 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
If we calculate yesterday’s Daily candle, it shows that the sellers were bit hesitant yesterday to go further down. However, we should not change our bias here but we keep our eyes on this pair only to go short. The reason is the trend is Bearish. Unless we get a Double Bottom or get a breakout at the Down trending Trend line, we should only look to go short on AUDCAD. Trend is the key here and we must always go with the trend.
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