AUD/USD Forex Signal

Thursday, 21 December 2017 10:34

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, during the next 24-hour period.

 

Short Trades

· Short trade following some bearish price action on the H1 time frame immediately upon the next touch of 0.7696 or 0.7750.

· 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 entry into the zone between 0.7640 and 0.7629, or the next touch of 0.7598.

· 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 wrote yesterday that the price was continuing to hold up and broadly respect support levels, so it did not seem ready to move down yet, even though the USD was strengthening. This is what happened, with the price consolidating and going nowhere, and now the situation looks slightly more bearish than bullish. This pair looks like being a sideshow in today’s market. I have no directional bias but still think a long-term short trade from either of the nearest resistance level could be an excellent trade if it sets up.AUDUSD

There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of Final GDP data at 1:30pm London time.

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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