AUDUSD Forex Signal
|Yesterday’s signals were not triggered, as neither of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Long Trades
-
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7343.
-
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.
-
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 Trades
-
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7403 or 0.7453.
-
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.
-
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 I was uncertain as to short-term direction and that there was too much support and resistance congestion, so I was looking to trade reversals of the more extended levels. The picture is a little clearer now, so it was perhaps wise to stand aside temporarily, and we are now in a more bearish situation. However, the nearby support and resistance is still clustered, and these levels look relatively unreliable, but I do have more faith in the resistance level at 0.7374 holding than the support level at 0.7343.
I have a weakly bearish bias, but this pair is taking its time moving down and there seems to be more activity now in the European currency pairs. Still, we are at long-term lows and that is usually a good bearish sign.
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.