AUD/USD Forex Signal – 10 April 2018

Yesterday’s signals were not triggered, as there was no suitable price action at either of the key levels which were reached.

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.

Long Trade

• Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7695 or 0.7664.

• 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 had no bias yesterday, as I saw the price as trapped between two levels and just as likely to break out anywhere. Yesterday we had an initial false break short, and then a real breakout long, and the price has continued to advance, so now we have more clarity as to direction. I take a bullish bias today. There may also be support at 0.7710 as well as 0.7695.

Regarding the USD, there will be a release of PPI data at 1:30pm London time. Concerning the AUD, the Governor of the RBA will be making a minor speech at 6am.