Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Wednesday, 5 December 2018 12:49 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bullish price action at 0.7295. Today’s AUD/USD Signals Risk 0.75%. Trades must be entered before 5pm Tokyo time, during the next 24-hour period only. Long Trades Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7275 or 0.7250. 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 Trade Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7347. 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 I wrote yesterday that the environment remained generally bullish, but I would not want to start any new long trades here. I had no bias for now but would see a major reversal near 0.7500 as a major selling opportunity. This was a good call insofar as it would have been a bad move to be bullish, despite the rise, with the price falling back quite strongly, and filling the weekend gap. The price now is approaching a zone of minor support where we may well get some bullish bounce, although perhaps not a very strong one, but the levels at 0.7275 and especially 0.7247 (confluent with 0.7250) could be interesting places at which to enter long trades upon bullish turns. Beyond that, I have no directional bias on this pair. There is nothing important due today concerning the USD. Regarding the AUD, there will be a release of Retail Sales data at 12:30am 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.