Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Thursday, 29 November 2018 13:07 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at 0.7303. Today’s AUD/USD Signals Risk 0.75%. Trades may only be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period. Long Trade Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7295. 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. 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 Trade Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 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. 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 this pair looked terrible to trade right now, despite the existence of a possible bearish channel. This was a good call as the Fed Chair’s speech sent the AUD strongly up against the USD. In fact, the AUD, along with the NZD, looks best placed to benefit from this new weakness in the USD. It looks as if the price is heading down now over the short-term, but I would be happy to take a bullish bias if there is a healthy bullish bounce later at the new support level of 0.7295. There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of the FOMC Meeting Minutes at 7pm 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.