AUDUSD has long been in a range on the H4 chart. The pair made a strong Bearish move earlier. However, the price seems to have found a strong level of Support. The H4 chart shows that the chart might end up producing a Double Bottom. Today’s first H4 candle came out as a Bullish Engulfing Candle. The current candle seems to be Bullish as well. If the price keeps going up and makes a breakout at the level, where the price had a rejection yesterday, then buying the pair would get us some green pips. Let us have a look at the H4 AUDUSD chart.
The level of 0.70590 is the level of Support here. The price had a number of bounces at this level. Last today’s price action shows that the price is forming a Double Bottom. If the price goes towards the North and makes a breakout at the level of 0.71050, then the formation of Double Bottom is confirmed and the price would head towards the North with more buying pressure. Summary of the trade…
- Buy Stop order: 0.71050
- Stop Loss: 0.70590
- Take Profit: 0.71780
- 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 have a look at the Daily-AUDUSD chart, it is evident that the pair might end up producing a Double Bottom on the Daily chart as well. This means Double bottom on the H4 chart as well as on the Daily chart. If this is the case, then AUDUSD buyers are going to move the price much higher in the coming days, weeks.
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