AUD/USD Forex Signal | DailyForex


Yesterday’s signals were not triggered, as there was no bullish price action at 0.7295.

Today’s AUD/USD Signals

Risk 0.75%.

Trades must be entered before 5pm Tokyo time, during the next 24-hour period only.

Long Trades

  • Go long following some bullish price action on the H1 time frame  immediately upon the next touch of 0.7275 or 0.7250.
  • 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 0.7347.
  • 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 the environment remained generally bullish, but I would not want to start any new long trades here. I had no bias for now but would see a major reversal near 0.7500 as a major selling opportunity. This was a good call insofar as it would have been a bad move to be bullish, despite the rise, with the price falling back quite strongly, and filling the weekend gap. The price now is approaching a zone of minor support where we may well get some bullish bounce, although perhaps not a very strong one, but the levels at 0.7275 and especially 0.7247 (confluent with 0.7250) could be interesting places at which to enter long trades upon bullish turns. Beyond that, I have no directional bias on this pair.

AUDUSD

There is nothing important due today concerning the  USD. Regarding the AUD, there will be a release of Retail Sales data at 12:30am London time.



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