Breakout Trading Signal AUDUSD – 13th March 2019
AUDUSD has been bullish on the H4 chart for the last 3 days. The price has kept moving towards the North after producing an H4 bullish engulfing candle at a significant level of support. The price seems to have started having a correction as well. This means a good level of support is to produce an H4 candle and an H1 candle to make a breakout to offer a long entry to the buyers of AUDUSD.
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As we can see here, the level of 0.70920 has made the price have the pullback. The first candle came out as a Doji and the next one as an engulfing candle. The level of 0.70580 might come into play and be the support. If the level is held and it ends up producing an H4 bullish engulfing candle, then an H1 breakout at the level of 0.70920 would drive the price to go towards the level of 0.71440 without having too many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.70920
- Stop Loss: 0.70580
- Take Profit: 0.71440
A Parliament vote took place yesterday on the Brexit. The GBP got volatile and it might get extremely volatile anytime in the next few days. Nobody really knows what can happen.Traders must be extra careful to take entries on the GBP pairs. In fact, if possible it is best to avoid the GBP pairs for the next few days. Fact remains that other pairs might as well get volatile if the GBP gets shaken.
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