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AUD/USD Forex Signal - 5 April 2018

Yesterday’s signals were not triggered, as there was insufficiently bullish price action at 0.7718.

 

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 only.

 

Long Trade

· Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7664 or 0.7640.

· 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

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

· 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 took a bearish bias yesterday, but the nearest resistance level did not hold, and the price is making a series of higher lows, rising over the past 24 hours, so it did not work out so well. There is an obvious higher support level at 0.7664, and I do not have much faith in the bearish trend line above the current price shown in the price chart below, so I see the picture as more bullish today. I take no directional bias, but it is looking increasingly likely that the price will continue to rise, eventually testing the significant resistance level at 0.7775. There is still a long-term bearish trend in this pair, so ultimately, I see shorts as better long-term trades.AUDUSD

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

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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