AUD/USD Forex Signal

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AUDUSD: Top in place above 0.6800

Last Thursday’s signals were not triggered, as none of the key levels were reached that day.

Today’s AUD/USD Signals

Risk 0.75%.

Trades may only be entered between 8am New York time Monday and 5pm Tokyo time Tuesday.

Short Trade Ideas

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6800 or 0.6829.

  • Put 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.

Long Trade Idea

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6747.

  • Put 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.

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.

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AUD/USD Analysis

I wrote last Thursday that the longer-term odds were still with the bearish trend, but there was a “fat tail” opportunity here of a long-term buy as this could be another multi-month or even multi-year low which we just made.

This was a fairly good call as the price continued to rise, although it never retraced to 0.6747 where I saw the long entry opportunity.

The price now seems to have made a medium-term top above 0.6800 and is heading down with short-term bearish momentum. It looks likely to reach 0.6747 today and so again I look to this level as today’s pivotal point. A long trade could set up here, but I am not very optimistic about its chances for success.

I have no directional bias on this currency pair right now.AUDUSDThere is nothing of high importance due today concerning either the USD or the AUD.

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.