AUD/USD Forex Signal - 20 August 2018
Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s AUD/USD Signals
Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7248 or 0.7231.
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 run.
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7322, 0.7348, or 0.7383.
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.
I wrote last Thursday that this bullish move looked impulsive, so I would not want to be trading against it yet without giving it some time to cool off. This was a good call, as the price has continued to rise and break former support. The price looks quite bullish now above 0.7300 and seems to be holding up. This major bullish movement is counter-trend, so needs to be approached with some caution, but I have a bullish bias above 0.7300, and would be even more bullish above 0.7322.
There is nothing important due today concerning the USD. Regarding the AUD, the Governor of the RBA will be speaking at 11pm London time, and the RBA will be releasing its Monetary Policy Meeting Minutes at 2:30am.
- Currency Pairs