AUD/USD Forex Signal - 8 March 2018

Thursday, 8 March 2018 10:31

Yesterday’s signals were not triggered, as there was no bearish price action at 0.7814.

Today’s AUD/USD Signals

Risk 0.50%.

Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.

Long Trade

  • Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7785.

  • 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 Trades

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7839 or 0.7869.

  • 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

I wrote yesterday that the price was in the middle of an uncertain battle between buyers and sellers. This situation has persisted, with a bearish trend line being broken but a new slightly higher resistance level holding the price to a double top at 0.7839. The support at 0.7785 also looks healthy, so a continuing range within this area looks like a probable short-term outcome. I have no directional bias. The Australian Dollar looks a fraction stronger than the New Zealand Dollar.
AUDUSD

There is nothing due today concerning either the AUD or the USD.

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.

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