Technical Analysis Free Forex Signals AUD/USD Forex Signal - 1 February 2018 AUD/USD Forex Signal - 1 February 2018 Thursday, 1 February 2018 11:08 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was insufficiently bullish price action at 0.8039. Today’s AUD/USD Signals Risk 0.50%. Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period. Long Trades Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.8006 or 0.7938. 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 0.8070. 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 I wrote yesterday that although the technical picture was still bullish, and I had a slight bullish bias, I did not see this as an especially great pair to be long of, with the Australian Dollar looking less bullish than the European currencies. My fears for the bulls were justified, as the price has now moved down quite strongly from a new bearish trend line shown in the chart below, printing a new resistance level at 0.8070, although this level does look doubtful, so I would be very careful about using it. The next important test looks likely to come if the price reaches the nearest support at 0.8005, as this is confluent with a psychologically important big round number at 0.8000. I have no directional bias on this pair today. There is nothing important due today regarding the AUD. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm 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.