Technical Analysis Free Forex Signals AUD/USD Forex Signal - 29 January 2018 AUD/USD Forex Signal - 29 January 2018 Monday, 29 January 2018 12:31 Share 0 Tweet 0 Pin it 0 Last Thursday’s signals were not triggered, as there was no bullish price action at 0.8039. Today’s AUD/USD Signals Risk 0.50%. Trades must be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period only. Long Trades Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.8039 or 0.8006. 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. Short Trade Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.8163. 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. 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 Towards the end of last week, I thought that the area at about 0.8039 should become good support, and I took a bullish bias. Although the price briefly broke below that area for a few hours, it ultimately moved up and made a new long-term swing high just a little below 0.8140. Viewing the situation now, there is a clearly bullish pattern and the short-term price action indicates that the price is about to move higher, so I maintain my bullish bias here. The Australian Dollar is holding up against the U.S. Dollar better than the European currencies are, which is a switch away from the situation which prevailed last week. It is also stronger than the New Zealand Dollar, so the currency is looking strong right now. 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.