Technical Analysis Free Forex Signals AUD/USD Forex Signal - 7 December 2017 AUD/USD Forex Signal - 7 December 2017 Thursday, 7 December 2017 10:16 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bullish price action at 0.7556. Today’s AUD/USD Signals Risk 0.50%. Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period. Short Trade Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7556. 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 run. Long Trade Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7517, 0.7498, 0.7457, or 0.7445. 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 run. 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 Disappointing Australian Trade Balance data has pushed the price of this pair down further. The technical picture is clearer and looking more reliable, with the price using a broken trend line as resistance. Several major support levels are now in view, with the level close to the psychological level of 0.7500 looking attractive if there is a major bullish reversal there. Nevertheless, there seems to be a lot of bearish momentum, and with the U.S. Dollar generally strong it looks likely that the pair will fall further, so I take a mildly bearish bias over the short-term. There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. 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.