Technical Analysis Free Forex Signals AUD/USD Forex Signal - 12 July 2018 AUD/USD Forex Signal - 12 July 2018 Thursday, 12 July 2018 13:11 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals produced a profitable long trade from the bullish bounce at 0.7362 and it might be wise to seriously consider closing it out in profit (at the time of writing). 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 Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7362 or 0.7309. 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. 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 Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7429. 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. 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 if the price did now continue down to 0.7362, which would be very unlikely, it should make a strong bullish bounce. I was correct about a bullish bounce, although the facts that the bounce has not been very strongly bullish and the level at 0.7362 was reached at all suggest a more bearish picture. However, price movement looks relatively constrained, so there might be better opportunities elsewhere today. I have a weakly bearish bias now below 0.7388. There is nothing due today concerning the AUD. Regarding the USD, there will be a release of CPI data at 1:30pm 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.