Technical Analysis Free Forex Signals AUD/USD Forex Signal - 4 December 2018 AUD/USD Forex Signal - 4 December 2018 Tuesday, 4 December 2018 12:24 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as none of the key levels were reached. Today’s AUD/USD Signals Risk 0.75%. Trades may only be taken 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 0.7295. 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 H1 time frame immediately upon the next touch of 0.7479 or 0.7510. 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 Australian Dollar was the strongest of all the major global currencies now. Weekend gaps such as these are usually filled quite quickly, but there was every reason to be generally bullish. I would not want to enter any long trades until the gap has been filled and we got another bullish bounce in the 0.7295 area. I was right to be generally bullish, as the price has continued to rise as the U.S. Dollar remains weak; however there has not been a pull-back to the support and the gap remains unfilled which perhaps makes it even riskier to be bullish now. The resistance ahead is also confluent with the major round number at 0.7500, so the price may need to make a major retracement before it has a shot at breaking above the resistance. The environment remains generally bullish, but I would not want to start any new long trades here. I have no bias for now but would see a major reversal near 0.7500 as a major selling opportunity. There were no surprises earlier in the release of the RBA Rate Statement, which appears to have had negligible effect. There is nothing important due today concerning the USD. Regarding the AUD, there will be a release of GDP 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.