AUDUSD seems to have had a rejection at resistance on the daily chart. The H4 chart shows that the price has been heading towards the South. One of the H4 candles has made a breakout as well. If the price on the H1 chart consolidates and makes another breakout with an H1 bearish candle at today’s lowest low, selling the pair may get us some green pips. Let us have a look at the H4 AUDUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The H4 chart shows that the price after having a rejection at the level of 0.68800 has been heading towards the downside. After having another consolidation, an H4 candle has made a breakout at the support level of the consolidation zone. If the price confirms the breakout on the H1 chart; produces an H1 bearish engulfing breaching the level of 0.68345, the price may head towards the level of 0.68050 without having that many pauses. Let us have a look at the summary of the trade
- Sell Stop Order: 0.68337
- Stop Loss: 0.68542
- Take Profit: 0.68022
Since the price seems to be bearish from a daily resistance, it may end up being a very big move. Taking partial profit may be a good option for the sellers to grab some extra pips. As things stand with AUDUSD, the price may keep going towards the South up to the level of 0.67000 where it came from. It is a long way to go, but this is very much on the card.
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 the Price Action Society.
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!
NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.Other Analysis Today