AUD/USD Forex Signal

06 December 2017 10:47:50 AM

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

Today’s AUD/USD Signals

Risk 0.50%.

Trades must be taken from 8am New York time and 5pm Tokyo time, over the next 24-hour period.

Short Trade

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7634.

  • 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 touch of 0.7556.

  • 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 Australian GBP data showed weaker than expected growth, so the pair fell with some strength, although it now looks like the price has bottomed out and is starting to rise again. The technical picture is quite confused, and the pair looks intimidating to trade. The supportive area above 0.7550 looks more solid and reliable than the resistance area at the top of the chart shown below. I have no directional bias on this pair.AUDUSD

Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Crude Oil Inventories at 3pm. Regarding the AUD, there will be a release of Trade Balance data at 12:30am.

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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