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AUD/USD Forex Signal - 27 March 2018

Yesterday’s signals were not triggered, as the resistance level at 0.7738 was already broken before 8am New York time and no other key levels were reached.

 

Today’s AUD/USD Signals

Risk 0.50%.

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

 

Long Trade

· Go long following some bullish price action on the H1 time frame immediately upon the next entry into the zone between 0.7740 and 0.7729.

· 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

· Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7775 or 0.7804.

· 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

Yesterday I wrote that if the price broke up above 0.7738 it should continue to 0.7775. I was wrong, as the price again turned bearish and is now falling with good short-term momentum. There are no key levels nearby. The chart is dominated by two bearish trend lines, the more recent one is steeper. However, we have a series of higher lows, which can be seen in the price chart below. It all adds up to an indecisive picture, so I have no directional bias today, and see this pair as best avoided for now.AUDUSD

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 2pm London time.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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