Technical Analysis Free Forex Signals AUD/USD Forex Signal - 5 February 2018 AUD/USD Forex Signal - 5 February 2018 Monday, 5 February 2018 10:37 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered as there was no bullish price action at 0.8006. 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 0.7901 or 0.7852. 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 0.7960 or 0.7995. 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 The Australian Dollar was the worst performer last week of all the major currencies, falling strongly against a resurgent U.S. Dollar towards the end of the week. However, shortly after this week’s open, it found support at the level identified at 0.7901, and has risen close to the nearest resistance level of 0.7960. This bullish bounce feels as if it might be significant, but the overall structure remains bearish, so I think 0.7060 will be more likely to hold than to break. A sustained break above that level will be a bullish sign, but the resistance confluent with 0.8000 will be likely to be an even harder test for bulls to overcome. Concerning the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time. Regarding the AUD, there will be a release of Retail Sales and Trade Balance data at 12:30am followed by the RBA Rate Statement and Cash Rate at 3:30am. 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.