AUD/USD Forex Signal | DailyForex


By: DailyForex.com

Yesterday’s signals were not triggered, as none of the key levels were ever reached.

 

Today’s AUD/USD Signals

Risk 0.50%.

Trades may only be taken between 8am New York time and 5pm Tokyo time, over 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 0.7740 or 0.7695.

* 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

* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7804.

* 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 was correct yesterday in saying it would be best to ignore this pair, as we have seen little price movement, and it has all been consolidative. At the time of writing, there is some evidence that the price is finding support very close to the nearest support at 0.7740 and the key psychological level of 0.7750. I think the price is more likely to rise than fall over the coming hours, but I would still stand aside until 0.7740 is reached. There are likely to be better opportunities elsewhere, at least until the next Asian session.

AUDUSD

Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time. Concerning the AUD, there will be releases of Employment Change and Unemployment Rate data at 2:30am.



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