AUD/USD Forex Signal  – 09 April 2018

AUD/USD Forex Signal – 09 April 2018

By: DailyForex

Last Thursday’s signals provided a profitable long trade from the bullish pin candlestick rejecting the support level identified at 0.7664. Profits should have been booked by now with the continuing consolidation pattern.

Today’s AUD/USD Signals

Risk 0.50%.

Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.

Long Trade

  • Long entry following some bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7664.
  • Put the stop loss 1 pip below the local swing low.
  • Move the stop loss to break even once the trade is 20 pips in profit.
  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Short Trade

  • Short entry following some bearish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7696.
  • Put the stop loss 1 pip above the local swing high.
  • Move the stop loss to break even once the trade is 20 pips in profit.
  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

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

Last Thursday I noted a complicated situation which made it too challenging to take any directional bias. My support and resistance levels all held. We now have a situation where the price is consolidating firmly between 0.7664 and 0.7696 and where it will end up going is just a guess: bulls and bears are evenly matched here. It makes sense to again take no bias and watch and wait until we get more clarity with direction and some space opens for the price to move within.

 

AUD/USD

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

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