AUD/CAD produced a bearish candle in the daily chart yesterday. The price has been bearish in the intraday charts. The H1 chart shows that the price made a breakout at yesterday’s lowest low and traded below the level for a candle. As of writing, the price has been bullish in the current candle. It may make a bullish correction. If the breakout level produces a bearish reversal candle, the sellers may get an opportunity to go short in the pair.
Chart 1 AUD/CAD H1 Chart
The chart shows that the price made a breakout at 0.95670. The next candle came out as a bearish candle as well. If the price makes a bullish correction and produces a bearish reversal candle at 0.95670, the sellers may find an opportunity to go short below the level of 0.95420. The H4 chart shows that the price has enough space to travel towards the South. Thus, the next H1 bearish move may head towards the South with good bearish momentum.
Trade Summary:
Entry: Sell below 0.95420
Stop Loss: Above 0.95670
Take Profit 1: 0.95175
Take Profit 2: 0.95100
Take Profit 3: 0.94960