AUD/USD Forex Signal

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 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 0.7165.

  • 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

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 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 picture now was more bullish as the bearish price channel could be seen to have broken to the upside. I also thought that there may be minor resistance at 0.7280. I was right about 0.7280 but the bullishness faded quickly, and the price fell.

This pair looks terrible to trade right now, action is a little choppy, very uncertain, and equally far from any key support or resistance levels, of which there are very few. I’d avoid trading this pair today and I have no directional bias at all.AUDUSD

There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.

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.