Technical Analysis Free Forex Signals AUD/USD Forex Signal - 16 August 2018 AUD/USD Forex Signal - 16 August 2018 Thursday, 16 August 2018 12:23 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as there was no bearish price action at 0.7234. 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 Trades Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7231 or 0.7207. Put the stop loss 1 pip below the local swing low. Move 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 0.7299 0.7322. Put the stop loss 1 pip above the local swing high. Move 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 I remained bearish provided the price remains below 0.7234. The Australian Dollar was one of the weakest major currencies, while the U.S Dollar continued to strengthen, so there is every reason to keep a bearish bias here apart from the short-term bullish movement. This did not work out well, with the Dollar weakening and giving back some of its recent gains over the past 24 hours. There is still a strong long-term bearish trend, but the Australian Dollar has been rescued in recent hours by receding fears on the U.S. / China trade dispute, which had been hitting the Aussie hard. This bullish move looks impulsive, so I would not want to be trading against it yet without giving it some time to cool off. It might be possible to scalp some long pips off bullish momentum, but I would not want to do any more than that here today. There is nothing important due today concerning the USD. Regarding the AUD, the Governor of the RBA will be speaking at 2:30am 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.