Technical Analysis Free Forex Signals AUD/USD Forex Signal - 8 November 2018 AUD/USD Forex Signal - 8 November 2018 Thursday, 8 November 2018 13:13 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as none of the key levels were ever reached. Today’s AUD/USD Signals Risk 0.75%. Trades may be entered before 5pm Tokyo time, over the next 24-hour period only. Long Trade Long entry following some bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7165. 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 Trades Short entry following some bearish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7321 or 0.7382. 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 I would maintain a bullish bias to at least 0.7321 if we got a close at the end of today higher than yesterday. We did get such a close but the rise since then has been small. Although there is new higher support now at 0.7268, the price now seems to have run out of momentum and is just consolidating. I think the probability still favours the bulls, but I would only be bullish if the price can test 0.7268 and if that level then holds. Conversely, a reversal at 0.7321 could be interesting for a short trade as it is an important historic price level. Much will now depend upon the FOMC release due later and it is quite possible we will not get any major price movement until that time. Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 7pm London time. Concerning the AUD, there will be a release of the RBA’ Monetary Policy Statement at 12:30am. 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.