Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Monday, 3 December 2018 12:57 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as none of the key levels were reached that day. Today’s AUD/USD Signals Risk 0.75%. Trades must be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period only. Long Trade Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7295. 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 0.7479. 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 last Thursday that the AUD, along with the NZD, looked best placed to benefit from this new weakness in the USD. It looked as if the price was heading down now over the short-term, but I would be happy to take a bullish bias if there was a healthy bullish bounce later at the new support level of 0.7295. This was a good call, although the bounce came a day too late, and the China / U.S. trade truce has produced a gap up after the weekend and a generally weak U.S. Dollar. The Australian Dollar is the strongest of all the major global currencies now. Weekend gaps such as these are usually filled quite quickly, but there is every reason to be generally bullish. I would not want to enter any long trades until the gap has been filled and we get another bullish bounce in the 0.7295 area. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. Concerning the AUD, the RBA will be releasing its Rate Statement at 3:30am. 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.