Free Forex Trade Signals AUDJPY – 6th Nov 2019
AUDJPY had a bullish day yesterday. The daily candle closed as a bullish Marubozu candle. The price has been on consolidation on the H4 chart. A level of support holds the H4 candles. If it produces an H4 bullish reversal candle followed by an H1 breakout at yesterday’s highest high, the buyers may go long to grab some green pips. Let us have a look at the H4 AUDJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The chart shows that the price went up to the level of 75.360 yesterday. It found its resistance there. The price has had two bounces at the level of 75.030. If it ends up producing an H4 bullish reversal candle followed by an H1 breakout at the level of 75.360, the price may head towards the level of 75.875 with good bullish momentum. Let us look at the summary of the trade…
- Buy Stop Order: 75.407
- Stop Loss: 75.040
- Take Profit: 75.955
The daily chart shows that yesterday’s daily candle was about to breach the resistance. The candle closed above the previous daily candles’ body. However, if we count spikes, the candle closed below the resistance. The breakout that we are anticipating in this trade setup would make a breakout at the resistance with spikes. Thus, the breakout may create extra buying pressure. The price may make a breakout at the level that we are going to set our Take Profit as well. However, we must wait to be confirmed about the breakout at the Take Profit level since this is a Weekly resistance.
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