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AUD/USD Forex Signal: Very Bullish Above $0.6755

My previous signal on 1st July produced a profitable short trade from the bearish rejection of the resistance level identified at $0.6685.

Today’s AUD/USD Signals

  • Risk 0.75%
  • Trades must be taken before 5pm Tokyo time Friday.

AUD/USD Signal Today - 11/07: Bullish Above $0.6755 (Chart)

Short Trade Ideas

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of $0.6775 or $0.6877.
  • 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.
  • Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Long Trade Ideas

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of $0.6755, $0.6729, or $0.6721.
  • 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.
  • Remove 50% of the position as profit when the price reaches 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 in my previous AUD/USD forecast on 1st July that the AUD/USD currency pair was threatening to make a bullish breakout beyond the resistance level at $0.6685 which was likely to be the day’s pivotal point.

    This was a great call as it was the day’s pivotal point and the failure of bulls there provided a profitable short trade entry opportunity.

    The technical picture has become more bullish here, driven by increasing risk-on sentiment and rallies in major stock market indices driving prices to new highs. More bullishness on rate cuts has caused the US Dollar to weaken and the risk-correlated commodity-linked Australian Dollar has benefitted accordingly.

    Technically, the price chart shown below looks bullish, with new stairstep support levels which are producing a kind of handle chart pattern (as in the end of a cup and handle) which looks very bullish.

    We see bulls now trying to hold up the price at $0.6755 which is new support. This is confluent with the big quarter-number at $0.6750. So if the price makes a bounce here, it is definitely a buying opportunity.

    There is nothing of high importance due today regarding the AUD. Concerning the USD, there will be a release of CPI data and Unemployment Claims at 1:30pm London time.

    Ready to trade our free Forex signals? Check out this list of the best Forex trading platforms for beginners worth checking out.

    Adam Lemon
    About 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.

     

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