EURAUD produced a huge daily bullish candle yesterday. The H4 chart shows that the price after having a rejection at a level of resistance has been on consolidation. The price is roaming around the level, which may hold the price as a level of support. If that happens, the buyers may go long on the pair upon an upside breakout at yesterday’s highest high and grab some green pips. Let us have a look at the H4 EURAUD chart. This trade idea was generated by our powerful Elite Swing Trader System.

The price went up to the level of 1.62640 yesterday. After producing a Doji candle, it has come up to the level of 1.62190. This is the level where the price reacted heavily at the last bearish wave. Thus, if the level holds the H4 candles and pushes the price towards the North, an H1 breakout at the level of 1.62640 may push the price towards the upside with good bullish momentum. Let us have a look at the summary of the trade...

• Buy Stop Order: 1.62626
• Stop Loss: 1.62161
• Take Profit: 1.63052

All the AUD pairs were active yesterday and the AUD was bearish against its counterparts. If it has another bearish day today, it means the weekly candle will close with a strong bearish tone. It may make the AUD remain bearish next week too. Three consecutive bearish weeks means the AUD may continue its bearish journey, which started in February 2018. Today’s daily candle, in other words, the weekly candle of this week may play a crucial role. 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.