AUDCAD produced another good-looking bearish daily candle on the daily chart. The price made a new lowest low yesterday. It then started having correction as well. The price seems to have found a level of resistance where it produced a bearish pin bar. Thus, an H4 breakout at the lowest low may drive the price towards the South further. Let us have a look at the H4 AUDCAD chart.
This is another trade idea generated by the Elite Swing Trader.
The price came down to the level of 0.89130. Then, it went up to the level of 0.89590 where a bearish pin bar has been produced. If the price continues to go towards the South and makes an H4 breakout at the level of 0.89130, then selling the pair may get us some green pips. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.89135
- Stop Loss: 0.89743
- Take Profit: 0.88292
The daily and the H4 trend are bearish. The resistance level that we have marked here produced a bearish pin bar, so it shall be considered a very strong level of resistance. However, the level of support is a strong one as well. The chart shows that the price had rejections twice at the support level. Thus, we shall wait for a strong breakout to go short on the pair. A breakout with less momentum may not bring enough liquidity. Let us wait for an H4 bearish candle with a tiny shadow at the South breaching the level of support explicitly.
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