AUD/USD Forex Signal - 27 February 2018

Tuesday, 27 February 2018 10:52

By: DailyForex.com

Yesterday’s signals were not triggered, as there was no bullish price action at 0.7856.

 

Today’s AUD/USD Signals

Risk 0.50%.

Trades may be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.

 

Long Trade

· Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7811.

· 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

· Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7869.

· 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

Yesterday I saw the short-term outlook as unclear, and I had no directional bias. I feel the same way today, although the picture is looking more bearish with three resistant trend lines and new lower resistance at 0.7869 suppressing the price. Nevertheless, there is reasonably strong support below and no long-term trend, so this pair looks intimidating to trade today.

AUDUSD

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Core Durable Goods Orders and testimony before Congress by the Chair of the Federal Reserve at 1:30pm London time, followed by CB Consumer Confidence data at 3pm.

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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