AUDUSD has been in a range on the H4 chart. The price tried to go down to make a new lower low, but it failed. The last wave on the H4 chart seems to go towards the upside. Today’s first two H4 candle came out as Bearish candles. If we get an H4 Bullish reversal and then an H1 breakout at today’s higher high, then we might get an opportunity to take a long entry on the pair later today. Let us have a look at the H4 AUDUSD chart.

The level of 0.77290 has the potential to be a level of Support. The price has already reacted to that level. If this level produces an H4 Bullish Engulfing Candle and we get an H1 breakout afterwards at the level of 0.77585, then buying the pair would get us some green pips. Let us have a look at the summary of the trade...

• Buy Stop Order: 0.77585
• Stop Loss: 0.77290
• Take Profit: 0.78050
• 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 USD has a high impact news event at GMT15.00 today. If the signal comes 3 to 4 hours before the News hour, then we are alright to take the entry. Even, if it comes after then news event, we are safe to take the entry as well. However, if it comes just before an hour, we might as well skip taking the entry. The news event that is about to take place at GMT 15.00, it often ends up producing long spikes on the intraday charts. AUDUSD Price Action Analysis – 27th Mar 2018