Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Thursday, 19 July 2018 9:14 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals produced a losing short trade from the bearish rejection of the resistance level at 0.7403. Today’s AUD/USD Signals Risk 0.50%. Trades must be taken from 8am New York time until 5pm Tokyo time, over 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 0.7309. 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 0.7404. 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 was correct in not taking a bearish bias yesterday, as the price rose sharply, but then fell equally sharply to re-establish the broken resistance level. It seems likely that inflection points which stand out on the chart, such as 0.7440 for example, are also going to be acting as support and resistance. This pair looks extremely unpredictable and dangerous to trade unless you are using short-term momentum to scalp. Otherwise, it looks like traders are better off staying away from here for the time being. At the time of writing, there is very strong bearish momentum. There is nothing important due today concerning either the AUD or the USD 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.