Technical Analysis Free Forex Signals AUD/USD Forex Signal - 23 October 2017 AUD/USD Forex Signal - 23 October 2017 Monday, 23 October 2017 12:44 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as none of the key levels were reached during the specified time session. Today’s AUD/USD Signals Risk 0.50%. Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period only. Short Trades Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7829 or 0.7857. 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 ride. Long Trades Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7802 or 0.7771. 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. 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 The price failed to make another new high over the past few days and has started to sell off, with increasing intensity following regular pull-backs to former support levels which become resistance. For this reason, I currently have a bearish bias, but for this to be maintained I would want to see the strong support confluent with the round number at 0.7800 break down. If it does break, the price would be quite likely to fall quickly to the next support level at 0.7771. If the price reaches 0.7829 first, it would be likely to form a double top and fall again. There is nothing significant due today concerning either the AUD or the USD. Currency Pairs AUD/USD Adam Lemon 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.