Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Tuesday, 5 February 2019 12:40 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as none of the key levels were ever reached. Today’s AUD/USD Signals Risk 0.75%. Trades may be entered between 8am New York time and 5pm Tokyo time today only. Long Trade Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7175. 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 Trade Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7347. 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 bears had a very slight edge, but it seemed as if the price was beginning to consolidate. I had no directional bias and thought it was quite likely little would happen here until the key AUD release due later. This was a good call as the price continued to slowly fall until the RBA release which was seen as a little bullish by the market and pushed the price up to 0.7260. We can say that over the last 10 or 20 days we are seeing a bullish trend, but it is a weak trend which has not yet become established or meaningful. I would be more comfortable with taking long trades than short trades today, but I am not clear about likely direction.Concerning the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time. Regarding the AUD, the Governor of the RBA will be speaking at 1:30am. 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.