Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Wednesday, 21 November 2018 12:45 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bullish price action at either 0.7250 or 0.7232. Today’s AUD/USD Signals Risk 0.75%. Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period. Long Trade Go long following some bullish price action on the H1 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 Trade Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7250 or 0.7303. 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 the price was close to arriving at a confluence of a support level and a long-term bullish trend line, so again, there may be an interesting long opportunity there, and I would again take a bullish bias if there were a strong bounce there. This anticipated bounce did not happen, with the price continuing to fall and slice through all the support. The picture now looks more bearish, with the trend line invalidated, and the price struggling to rise above the key psychological level of 0.7250. There could be an interesting short trade opportunity from his level, if the price continues to struggle to rise above it going into the New York session then I would take a bearish bias today. There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of Core Durable Goods Orders at 1:30pm 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.