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AUD/USD Forex Signal: Supported at $0.6750

By 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.

My previous signal on 13th August was not triggered.

Today’s AUD/USD Signals

  • Risk 0.75%
  • Trades may only be entered prior to 5pm Tokyo time Tuesday.

AUD/USD Signal Today - 02/09: Supported at $0.6750 (Chart)

Short Trade Ideas

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of $0.6790, $0.6877, or $0.6895.
  • 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 $0.6751, $0.6726, or $0.6709.
  • 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 13th August that the AUD/USD currency pair was looking likely to treat the support level at $0.6565 as pivotal today. I was wrong about that. I was also wrong about the price trading above $0.6611 working as a bullish sign.

The price traded very close to a new record high for 2024 last week, reaching a new 8-month high. The price then dropped quite hard as the US Dollar made a comeback towards the end of the week, but we now see the price rising from the support level confluent with the major quarter-number at $0.6750.

Bulls face an obstacle at the resistance level of $0.6790. If the price can trade above this and reach a new high above $0.6800, it has room to rise all the way to $0.6877. However this is unlikely to happen today as its probably going to be a quiet market due to the US public holiday today, but it might start today.

The Aussie is also getting a boost from comments by the Deputy Governor of the RBA to the effect that rate cuts will not be forthcoming over the near term, which puts the RBA on a divergent path to the US Federal Reserve.

I am ready to take a long trade from either a bullish bounce off $0.6751 or after two consecutive higher hourly closes above $0.6800 without either candlestick having a large upper wick.

There is nothing of high importance scheduled today concerning either the AUD or the USD.

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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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