AUD/CAD produced a long bearish candle yesterday. However, the H1 chart shows that the pair has been trading within two horizontal levels all day. Yesterday’s lowest low has been working as a level of support. As of writing, the last two candles came out as bullish. If the price makes a breakout at today’s highest high, the buyers may get an opportunity to go long in the pair.
Chart 1 AUD/CAD H1 Chart
The chart shows that the pair, after making a long bearish move, found its support at the level of 0.95450. It produced several bullish reversal candles. At the last bounce, it produced a bullish engulfing candle. It has been pushing the price towards the North. If the price makes a breakout at 0.95750, consolidates, and produces a bullish reversal candle after the breakout, the buyers may go long above the level of 0.95900.
Trade Summary:
Entry: Buy above 0.95900
Stop Loss: Below 0.95750
Take Profit 1: 0.96050
Take Profit 2: 0.96200
Take Profit 3: 0.96400