AUD/USD Forex Signal: More Bullish - 30 March 2020

Adam Lemon

AUD/USD: Pivotal point at 0.6123

Last Thursday’s signals were not triggered as there was no bearish price action when the price reached the resistance level, I had identified at 0.6094.

Today’s AUD/USD Signals

Risk 0.75%.

Trades must 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 0.6268 or 0.6386.

  • 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 Idea

  • Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6123 or 0.6023.

  • 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 despite the short-term bullishness, I still saw the resistance at 0.6094 as likely to hold, so a short trade from a bearish reversal there was likely to be the only good opportunity we might get today.

I was wrong not to be bullish, and it notable that along with the Euro and Pound, the Aussie is continuing to hold up against the USD and print new higher support levels.

There is no reason not to be bullish, as improved risk sentiment seems to be holding up everywhere over the short term, we have also seen the price exceed highs of several days ago which is technically significant. I would take a bullish bias here if the price can get established above 0.6200 and I’d be even more bullish if it can break the resistance at 0.6268.AUDUSDThere is nothing of high importance scheduled for today concerning either the AUD or the USD.

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

Currency Pairs:
Comments

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments
Add Comment

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.