AUD/USD Forex Signal | DailyForex

Yesterday’s signals were not triggered as unfortunately the bullish turn right at the anticipated support level of 0.6912 happened before 8am Tokyo time when the Forex market really came back to full liquidity.

Today’s AUD/USD Signals

Risk 0.75%.

Trades may only be taken from 8am New York time until 5pm Tokyo time Wednesday.

Long Trade

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.6912, 0.6902, or 0.6882.
  • Place the stop loss 1 pip below the local swing low.
  • Adjust the stop loss to break even once the trade is 20 pips in profit.
  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

Short Trades

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.6937 or 0.6963.
  • Place the stop loss 1 pip above the local swing high.
  • Adjust the stop loss to break even once the trade is 20 pips in profit.
  • Remove 50% of the position as profit when the trade is 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.

AUD/USD Analysis

I wrote yesterday that there should be enough residual bearishness for the resistance at 0.6937 to hold, at least for a while. Therefore, I thought that either a long from a bounce at 0.6912 or a short from a bearish bounce at 0.6973 again would both be acceptable trade opportunities. However, I did not thing that any profit would run very far.

This was a good call as both the resistance at 0.6937 held, and the level at 0.6912 perfectly captured the bullish turn almost to the exact pip.

There is little change to the technical picture. Overall it is still too bullish to be really confident about taking any short trades, so I would still look for longs. I would be very bearish if the price can trade above 0.6937 for a couple of hours consecutively later.

AUD/USD Forex Signal | DailyForex

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

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