Technical Analysis Free Forex Signals AUD/USD Forex Signal - 15 August 2018 AUD/USD Forex Signal - 15 August 2018 Wednesday, 15 August 2018 12:58 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals produced a profitable long trade entry from the bullish bounce at 0.7207. The trade is in profit but should be monitored very carefully due to the strong bearish trend against it. Today’s AUD/USD Signals Risk 0.50%. Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period. Long Trades Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7207, or 0.7136. 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 Trades Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7234 or 0.7299. 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 I had a weakly bearish bias, forecasting that the price would continue to fall to at least 0.7230. This turned out to be a good call, and the price eventually fell even further, before making a bullish bounce at the support level of 0.7207. It is trying to rise but facing resistance at 0.7234. There is a strong long-term bearish trend that still has a great deal of momentum, so I remain bearish provided the price remains below 0.7234. The Australian Dollar is one of the weakest major currencies, while the U.S Dollar continues to strengthen, so there is every reason to keep a bearish bias here apart from the short-term bullish movement. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time and Crude Oil Inventories at 3:30pm. Concerning the AUD, there will be a release of Employment Change and Unemployment Rate data at 2:30am. 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.