Technical Analysis Free Forex Signals AUD/USD Forex Signal - 7 February 2018 AUD/USD Forex Signal - 7 February 2018 Wednesday, 7 February 2018 12:26 Share 0 Tweet 0 Pin it 0 +1 Last Monday’s signals were not triggered. 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 0.7835 or 0.7780. 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 Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7960. 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 Although we have seen a breach of the bearish trend line, and the support level at 0.7835 holding so far with a double bottom compound candlestick formation, the Australian Dollar remains weak and the U.S. Dollar remains strong. The picture remains bearish, unless the 0.7835 level survives another test and gives a stronger bullish bounce. There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm 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.