Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Wednesday, 2 January 2019 13:08 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as there was no bearish price action at 0.7047. Today’s AUD/USD Signals Risk 0.75%. Trades may only be taken between 8am New York time and 5pm Tokyo time today. Long Trades Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.6992 or 0.6940. 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 Trades Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7039 or 0.7075. 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 commodity currencies such as the Australian Dollar were vulnerable in bearish markets, which is what we had now despite yesterday’s strong recovery movement in the U.S. market. This suggested that taking a bearish bias would make sense, but I was still afraid of the long-term buying opportunity that may be seen close to 0.7000. I thought the price would get lower, but perhaps not by much. This was a good call: the price remained weak and eventually fell further but has still not traded below the psychologically important round number of 0.7000. The situation is still the same except the resistance levels have moved slightly. The environment is still bad for the Australian Dollar, so I think it is not going to be appropriate to be looking for a long trade unless there is an extremely strong bullish bounce at 0.6992. I take a bearish bias today below 0.7039 and 0.6992. There is nothing of high importance due today concerning either the AUD or the USD. 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.