Technical Analysis Free Forex Signals AUD/USD Forex Signal - 6 December 2018 AUD/USD Forex Signal - 6 December 2018 Thursday, 6 December 2018 12:14 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as there was no bullish price action at 0.7247 or 0.7275. 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 Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7165 or 0.7123. 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 0.7247 or 0.7275. 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 now was 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 had no directional bias on this pair. As it happened, the bearish momentum put the price easily through both of those levels, which may well now have flipped to become new resistance. We are currently seeing a strong sentiment against the Australian Dollar which is always sensitive to risk-off sentiment, which is motivating the market right now. So, although the bearish movement may now be running out of momentum, I would be prepared to take a bearish bias if we see a retracement to the 0.7250 level following by a failure and a fresh bearish push. There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time, followed later by a minor speech from the Chair of the Federal Reserve at 11:45pm. 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.