Technical Analysis Free Forex Signals AUD/USD Forex Signal - 31 January 2018 AUD/USD Forex Signal - 31 January 2018 Wednesday, 31 January 2018 10:41 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 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 I had a bullish bias yesterday as the bullish price pattern was remaining intact. Although the last day hasn’t been a fun time for bulls, it must be said that the technical picture has not essentially changed. Support is holding, and higher lows continue. Having said that I do not see this as an especially great pair to be long of, with the Australian Dollar looking less bullish than the European currencies. I maintain a slight bullish bias. 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 3:30pm, and the FOMC Statement and Federal Funds Rate at 7pm. There is nothing important due regarding the AUD. 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.