AUD/USD Forex Signal
|Yesterday’s signals were not triggered, as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time Tuesday until 5pm Tokyo time Wednesday.
Long Trades
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Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7070, 0.7039 or 0.7027.
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Place the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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 Trades
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Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7117 or 0.7164.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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 wrote yesterday that I would be prepared to take a bullish bias if there was a strong bullish bounce at or very close to the nearest support level at 0.7070. There may also be new higher support at about 0.7090.
This was a fairly good call as the area at about 0.7090 has held.
The price has been bullish over the medium-term, but the pair has to be said to be a long-term bearish formation, albeit a weak one. This has made this pair quite difficult to trade.
It looks now as if the price will move down to test these lows just below 0.7090 and may well fall further. I think the level at 0.7070 will be the important pivotal level of the day, but I have no directional bias here now.
There is nothing of high importance due today concerning either the AUD or the USD..
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