AUDUSD has been bullish on the H4 chart. The price has been heading towards the North after having pullbacks. The price has had a pullback again and a significant level of support already produced an H4 bullish reversal candle. Thus, an upside breakout would push the price to go towards the North again. Let us have a look at the H4 AUDUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The price went up to the level of 0.69795. The price had a rejection from the level, but the level of 0.69500 has held the price. It has produced an H4 Spinning Top as well. The price gradually has been going towards the level of resistance. If it continues to go towards the upside and makes an H1 breakout at the level of 0.69795, then the price would go towards the level of 0.70225 without having that many pauses. Thus, buying the pair upon an H1 breakout at the resistance level seems to be very rewarding here. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.69855
- Stop Loss: 0.69604
- Take Profit: 0.70215
The price might have a little consolidation on the H1 chart after an H1 breakout at the level of resistance here. However, if we get an H1 strong bullish candle as the breakout level, then buying right after the candle closing will be alright. If there is a fragile H1 breakout, we might as well wait for the consolidation and another bullish H1 candle to be formed on the breakout level to go long on the pair.
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