AUD/USD Forex Signal
|Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Long Trade
-
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7103.
-
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
-
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7203.
-
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 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 overall this pair was quite dull, relatively flat and not going far in any direction. Obviously, there was a slightly bullish medium-term structure which combined with the short-term movement suggested that the price might rise further over the coming days, if it can rise above the high at about 0.7140. This was a good call as the price did rise a little but remained roughly capped by 0.7140. There has been a bearish pull back and over the last hour at the time of writing, it seems like we are getting another upwards thrust. The technical picture is the same: weakly bullish over the medium-term, and likely to rise higher if the price can get established above 0.7150 or so. I would take a bullish bias between 0.7150 and 0.7200.
There is nothing important due today concerning either the AUD or the USD.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.