AUD/USD Forex Signal - 1 October 2018

Today’s AUD/USD Signals

  • Risk 0.50%.
  • Trades may only be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period.

Long Trades

  • Go long following some bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7190 or 0.7100.
  • 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.
  • 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 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7285.
  • 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.
  • 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

The pair is still moving within a bearish channel, and any move below the 0.7200 support level will increase the bearish momentum. The US dollar is still supported by the Federal Reserve policy, as the bank announced raising last week raising rates for the third time and promised more interest rate increases and affirmed its independence under continued criticism of Tramp. The US-China trade war is not doing any good to the Australian economy, therefore I prefer to sell the pair on bullish outbreaks.

AUDUSD Signal

There is nothing important due today concerning the AUD. Regarding the USD, there will be the release of the ISM industrial index and spending on construction.

DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.