AUD/USD Forex Signal - 10 October 2019

Adam Lemon

AUDUSD: Bullish base below 0.6750?

Today’s AUD/USD Signals

Risk 0.75%.

Trades must be taken 8am New York time Thursday and 5pm Tokyo time Friday.

Short Trade Ideas

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6783 or 0.6809.

  • Place 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.

Long Trade Ideas

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6755 or 0.6733.

  • Place 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.

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

The AUD has been very weak over recent weeks, making new long-term low prices. However, it has now recovered some strength. This pair seems to have built a bullish base below the key psychological level at 0.6750 and the line of least resistance seems to be upwards. There is also short-term bullish momentum.

I see the best opportunity which may set up here today as likely to be a long trade from a retracement to 0.6755 if there is a strong bullish bounce there.

If the price can get established above 0.6783, it would be a bullish sign.AUDUSDThere is nothing of high importance due today concerning the AUD. Regarding the USD, there will be a release of CPI (inflation) data at 1:30pm London time.

About the Author
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

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