Technical Analysis Free Forex Signals AUD/USD Forex Signal - 7 March 2018 AUD/USD Forex Signal - 7 March 2018 Wednesday, 7 March 2018 12:26 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at either 0.7785 or 0.7816. Today’s AUD/USD Signals Risk 0.50%. Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only. Long Trade Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7785. 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 0.7814 or 0.7869. 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 technical picture now looked relatively bearish as the price chart was dominated by a medium-term bearish trend line and a new lower resistance level. However, the lower price area had been crowded, suggesting buyers who may be able to hold the price from falling much further. This was more or less correct, although the price did break above both nearby resistance levels. However, it was suppressed by the bearish trend line shown in the price chart below. The picture is still uncertain, and the bulls have been buying at 0.7785 which has created new support, so it looks like the price is in the middle of an uncertain battle between buyers and sellers. I have no bias today. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Crude Oil Inventories at 3:30pm. Concerning the AUD, there will be a release of Trade Balance data at 12:30am. 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.