AUD/USD Forex Signal

Yesterday’s signals were not triggered, as none of the key price levels were ever reached.

Today’s AUD/USD Signals

Risk 0.50%.

Trades must be taken from 8am New York time until 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 0.7840 or 0.7790.

• 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

• Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7935.

• 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

I wrote yesterday that I maintained my bullish bias but as it happened the price fell from its local peak confluent with the round number at 0.7900. The U.S. Dollar has recovered somewhat in rent hours, which is leading to a continuation of the downwards movement. However, we have no major new lows or even a test of the nearest support level yet, so there is no reason to change general bias from bullish to neutral or bearish. There is every chance that a bullish bounce will trigger a new upwards movement which would make a new high above 0.7900, yet it seems likely there will be better opportunities today in other currency pairs.

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