AUDCAD produced a strong bullish daily candle yesterday. The candle closed within a previous resistance level. However, the H4 chart shows that the price has been held by a level of support. If the support level keeps being held and it ends up producing an H4 bullish engulfing candle, then an H1 breakout at the highest high would push the price to go towards the North with good bullish momentum. Let us have a look at the H4 AUDCAD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 0.92355 is the level of resistance and the level of 0.92130 is the level of support here. The chart shows that the price has been having a correction and the level of support has been held so far. If the level produces an H4 bullish engulfing candle followed by an H1 breakout at the level of 0.92355, then the price would go towards the level of 0.92710 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.93334
- Stop Loss: 0.92420
- Take Profit: 0.91763
The resistance level that I have marked here has the potential to produce a double top on the H4 chart. The price had a strong rejection at this level earlier. Thus, this is going to be a crucial breakout if that happens. On the other hand, if the price gets rejected again and makes a downside breakout, then it would come down. Meanwhile, a breakout towards the North seems to have more possibility. Let’s wait and see what happens next.
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