AUDUSD produced a bullish daily candle yesterday. The price seems to have found a level of support on the daily and H4 chart. On the H4 chart, the price has had a correction as well. Moreover, the last H4 candle closed within a level of flip over support. If the price starts going towards the North and makes a breakout at yesterday’s highest high, the buyers may get an opportunity to go long on the pair later today. Let us have a look at the H4 AUDUSD chart. This trade idea was generated by our powerful Elite Swing Trader System.

The price went up to the level of 0.67890. It had a rejection from the level and came up to the level of 0.67545. If the level is held and pushes the price towards the North by producing an H4 bullish engulfing candle followed by an H1 breakout at the level of 0.67890, then buying the pair would get us some green pips. Let us have a look at the summary of the trade...

• Buy Stop: 0.67883
• Stop Loss: 0.67528
• Take Profit: 0.68354

The daily chart shows that the price has been on a daily consolidation for a long time. Thus, any breakout either towards the North or South would attract the traders to be busy with the pair. As things stand, a breakout towards the North has more possibilities to take place. Let us now patiently wait and find out what the price does. For more trade ideas, join the Price Action Society... If you like our analysis and would like to receive 3 to 7 trade ideas per day, then click here to learn more about Price Action Society.