Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Wednesday, 9 January 2019 12:35 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action when the price reached 0.7150. 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 0.7100, 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 yesterday that the situation was broadly bullish still, but if the price could not exceed 0.7150 today or tomorrow then we will be increasingly likely to see a deeper bearish retracement. I would take a bullish bias on this pair today if the price could trade above 0.7150 for a couple of hours. This worked out OK and was an accurate analysis as the price has continued to rise slowly and exceed the level at 0.7150, which has now been invalidated. However, the rise has been small, with the Forex market mostly quiet ahead of tonight’s FOMC minutes release. It makes sense to take a very weak bullish bias until the FOMC release due later, as risk sentiment is somewhat positive, but I expect that the price will remain below 0.7200 until that time.There is nothing of high importance due today concerning the AUD. Regarding the USD, there will be a release of the FOMC Meeting Minutes at 7pm 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.