AUD/USD Forex Signal - 20 April 2017

20 April 2017 8:52:10 AM

By: DailyForex.com

Yesterday’s signals were not triggered as there was no bullish price action at the key support level of 0.7500.

 

Today’s AUD/USD Signals

Risk 0.50%.

Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.

 

Short Trades

* Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7559 or 0.7539.

* 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 ride.

 

Long Trade 1

* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7500.

* 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 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 this pair has no long-term trend and is hard to predict. The price dropped below the psychologically crucial 0.7500 level, but then rose above it again and began to use it as support once more. If the price returns there it could remain an interesting level for support, but both support and resistance should be equally interesting to traders as there does not seem to be much obvious reason for bias in either direction.AUDUSd

There is nothing due today regarding the AUD. Concerning the USD, there will be releases of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time, followed later by the Treasury Secretary speaking at 6:15pm.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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