Technical Analysis Free Forex Signals AUD/USD Forex Signal - 21 February 2018 AUD/USD Forex Signal - 21 February 2018 Wednesday, 21 February 2018 11:51 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was insufficiently bullish price action at 0.7892. Today’s AUD/USD Signals Risk 0.50%. Trades must be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period only. Long Trade Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7750. 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 Trades Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7935. 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 the picture looked more bearish, as the price seemed heavy enough to break below the support at 0.7889. A move down below, possibly a strong movement, looked like a more probable outcome. My forecast was correct, the price did move down and is still within a near-channel, bearish short-term structure. This is all part of a broader ranging pattern between 0.7750 and 0.8000. The current picture looks short-term bearish, but it is not clear there is going to be a good entry opportunity soon because the price is not close to any key levels. There is nothing due today concerning the AUD. Regarding the USD, there will be a release of FOMC Meeting Minutes at 7pm 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.