AUDUSD has been bullish on the H4 chart after producing a bullish Pin Bar at a level of daily support. Since then the price has been heading towards the North by making new breakouts. The pair had a bullish day yesterday as well. On the H4 chart, the price has been on consolidation. A significant level that has the potential to be a level of support is still held by the H4 candles. If it produces an H4 bullish engulfing candle, an H1 breakout at the highest high of the wave would be signal to go long. Let us have a look at the H4 AUDUSD chart. This trade idea was generated by our powerful Elite Swing Trader System.

The price had a rejection from the level of 0.68300 yesterday. The level of 0.68070 is a level where the price had a bounce. If an H4 bullish engulfing candle is produced at the level of 0.68070 followed by an H1 breakout at the level of 0.68300, then buying the pair may get us some green pips. Let us have a look at the summary of the trade...

• Buy Stop Order: 0.68387
• Stop Loss: 0.68039
• Take Profit: 0.68711

Tip of the Day: The USD has several high impact news events today. Those news events are going to take place at GMT 13.30. It would be best if the buying signal comes after those news events. If the signal comes before those news events, we may keep skipping the entry. Today’s news events may produce long spikes on the intraday charts to sweep off stop losses. 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.