AUD/USD Forex Signal - 22 November 2017

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 between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.

Short Trade

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7609.

  • 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 Trade

  • Go long following some bullish price action on the H1 time frame immediately upon the next entry into the zone between 0.7517 and 0.7500.

  • 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

I thought yesterday that the resistance level at 0.7572 would probably be unreliable and I was right about that. The price got above it for a few hours, but turned around quite soon and then got back under the level, which again has been used as resistance for selling, and so it remains intact. Two new bearish trend lines can be drawn, connecting this obvious swing high which was made. This adds up to a more bearish outlook, suggesting that the long-term bearish trend will continue. If I must make a forecast, I say that the price should reach the recent low prices. However later today there are some major releases concerning the USD which could easily cause a disruption to the price and push it anywhere.
AUDUSD

There is nothing important due today concerning the AUD. Regarding the USD, there will be releases of Core Durable Goods Orders and Unemployment Claims at 1:30pm London time, followed by Crude Oil Inventories at 5pm, and FOMC Meeting Minutes at 7pm.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.