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.