AUDCAD produced a bullish daily candle yesterday. Today’s first two H4 candles came out as bearish candles. The price is at a level that has a strong potential to be a level of support. If the level is held and it pushes the price towards the North by making a breakout at yesterday’s highest high, then the buyers may get a buying opportunity later today. Let us have a look at the H4 AUDCAD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price went up to the level of 0.90160 yesterday. Today, the price has been bearish and had a little bounce at the level of 0.89830. However, both of those candles are bearish. If the level is held by the H4 candles and it ends up producing a bullish reversal candle, a breakout is needed at the level of 0.90160 first, then an H1 bullish engulfing candle is to be produced at the same level at a pullback to offer us a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.90197
- Stop Loss: 0.89803
- Take Profit: 0.90921
Usually, CAD pairs offer entries after the New York Open. Especially, USDCAD and AUDCAD pairs get most of its liquidity during the New York session. Thus, the signal that we are anticipating here may come after the New York session as well. Moreover, we are going to wait for a breakout and pullback, so today’s signal will surely take time to be produced.
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