Technical Analysis Free Forex Signals AUD/USD Forex Signal - 23 January 2018 AUD/USD Forex Signal - 23 January 2018 Tuesday, 23 January 2018 12:09 Share 0 Tweet 0 Pin it 0 +1 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 entered from 8am New York time to 5pm Tokyo time, over the next 24-hour period only. Long Trades Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7938 or 0.7902. 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. Short Trade Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.8004. 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. 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 situation has changed since yesterday with a reasonably strong fall in the price, and a fresh resistance level which has printed at 0.8004 confluent with the major round number at 0.8000. So, I drop my bullish bias and change it to a stance of no directional bias. It looks as if the price is likely to continue downwards to reach 0.7938 at least. I see a ranging period as most likely to happen next, so either long or short bounces from key levels can be taken. However, as 0.8000 is such a significant number, we might see a medium or long-term fall from this area, meaning short trades are probably likely to have a higher reward to risk ratio. There is nothing important 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.