Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Monday, 7 January 2019 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 during that day’s session. Today’s AUD/USD Signals Risk 0.75%. Trades may only be taken between 8am New York time and 5pm Tokyo time today. Long Trade Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7100, 0.7075, or 0.7039. 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 0.7150, 0.7201, 0.7247. 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 price would probably take some time to settle after the huge move in the Australian Dollar during the earlier “flash crash”. I thought that the first thing to watch for here would be whether the price stayed below the psychological round number at 0.7000. I wanted to watch and wait and not enter any new trades. I was too cautious: the price continued to rise strongly. The best I can say is that the price got established above 0.7000 quite quickly later that same day which could have been taken as a signal to go long, and such a long trade would have worked out very well. This bullish movement in the Australian Dollar is very strong and significant, it is very unusual to see such a strong recovery so quickly which exceeded original prices before the first move down, as it has done here. The bullish momentum is declining apparently as we approach the resistance at 0.7150. Generally the outlook is bullish, and a break above 0.7150 would be a very bullish sign and I would take a bullish bias above that level if it is exceeded today.There is nothing of high importance due today concerning the AUD. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm 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.