AUD/USD Forex Signal - 9 December 2019

Adam Lemon

AUDUSD: Consolidation between 0.6814 and 0.6862

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

Today’s AUD/USD Signals

Risk 0.75%.

Trades must be taken from 8am New York time Monday to 5pm Tokyo time Tuesday.

Short Trade Ideas

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6862 or 0.6885.

  • 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 0.6814, 0.6803, or 0.6781.

  • 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

I wrote last Thursday that that the support level at 0.6814 was quite likely to be hit later, which might give a chance for a long trade. Still, I thought it was better to avoid trading this pair that day. This was a good call as the price has just continued to range between 0.6814 and 0.6862 without either level actually being reached.

I see a long trade at 0.6814 as the best potential opportunity if we get a long bounce today, as there is a very weak medium-term uptrend. However, there are still likely to be better opportunities elsewhere.AUDUSDThere is nothing of high importance due today concerning the USD. Regarding the AUD, there will be a minor speech by the Governor of the RBA at 10:05pm.

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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