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AUDCAD Price Action Analysis – 6th June 2017

AUDCAD has been bullish for the last two days. Thus, the H4 chart looks bullish. Moreover, the price breached a down trending Trend line on the H4 chart as well. These equations suggest that the pair might offer an entry for the buyers soon. Let us have a look at AUDCAD-H4 chart… On the chart, we see that the price broke a resistance level at 1.00500. Moreover, if we draw a down trending Trend line on the last bearish ride, then we find that the Trend line got breached by the price as well. Thus, buyers might take the control of the pair soon. The level of 1.00100 would be the best area for the buyers to buy the pairs. Let us have a look at the summary of the trade…

• Buy Limit Order: 1.00100
• Take Profit Target: 1.01500
• Stop Loss Level: below 0.99500
• 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
• Validity: 24 hours

The idea of this trade setup is based on Head and Shoulder trading pattern. Take a close look at the wave from 1.01100 to 0.99900. This is the first wave of the Head and Shoulder pattern here. At the moment, we are going to wait for the Neckline to be confirmed. Once we get the confirmation of the Neckline, we could ride on the last wave of the Head and Shoulder pattern that I have tried to explain here. There are other trading patterns in the Forex market as well. As a trader, we have to have very good understanding of those trading patterns. 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 Price Action Analysis – 6th June 2017 [thrive_link color='green' link='https://www.forexstrategieswork.com/the-price-action-club/' target='_blank' size='big' align='aligncenter']Join The Price Action Club Here...[/thrive_link]