AUDCAD Price Action Analysis – 9th May 2018
AUDCAD has been Bearish on the H4 chart. The chart suggests that the pair has found a strong level of Resistance, which is actually a Double Top Resistance. The pair produced a huge Bearish Daily candle yesterday. The first two H4 candles are Bearish as well. Moreover, the price has made a breakout towards the downside. If the breakout level is held by the current H4 candle and the breakout level produces an H1 Bearish Engulfing candle later today, then selling the pair would get us some green pips. Let us have a look at the H4 AUDCAD chart.
See the level of 0.96375 got breached by the price. The current candle has been trying to go downside, but it would be nice if the candle comes out as a corrective H4 candle. After the correction, if we get an H1 Bearish Engulfing Candle right at the level of 0.96375, then the price would reach 0.96000 without having that many pauses. Let us have a look at the summary of the trade…
- Entry- H1 Bearish Engulfing Candle at 0.96375
- Stop loss- Above 0.96500
- Take profit- 0.96000
- 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
We saw some good movement yesterday on some pairs. This is a very good sign. As I wrote yesterday that this Month could be a good month for the traders. Yesterday’s market justified that statement to some extent. Traders fasten your seat belt and keep eyeing on the pairs to find out trading opportunities.
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