AUD/USD Forex Signal  – 05 April 2018

AUD/USD Forex Signal – 05 April 2018

By: DailyForex.com

Yesterday’s signals were not triggered, as there was insufficiently bullish price action at 0.7718.

 

Today’s AUD/USD Signals

Risk 0.50%.

Trades must be taken from 8am New York time to 5pm Tokyo time, during the next 24-hour period only.

 

Long Trade

· Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7664 or 0.7640.

· Place the stop loss 1 pip below the local swing low.

· Adjust the stop loss to break even once the trade is 20 pips in profit.

· Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

 

Short Trade

· Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7775.

· Place the stop loss 1 pip above the local swing high.

· Adjust the stop loss to break even once the trade is 20 pips in profit.

· Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

 

AUD/USD Analysis

I took a bearish bias yesterday, but the nearest resistance level did not hold, and the price is making a series of higher lows, rising over the past 24 hours, so it did not work out so well. There is an obvious higher support level at 0.7664, and I do not have much faith in the bearish trend line above the current price shown in the price chart below, so I see the picture as more bullish today. I take no directional bias, but it is looking increasingly likely that the price will continue to rise, eventually testing the significant resistance level at 0.7775. There is still a long-term bearish trend in this pair, so ultimately, I see shorts as better long-term trades.AUDUSD

There is nothing due today concerning either the AUD or the USD.

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