AUD/USD Forex Signal | DailyForex

Yesterday’s signals were not triggered, as there was no bullish price action at 0.7028.

Today’s AUD/USD Signals

Risk 0.75%.

Trades must be taken between 8am New York time Thursday and 5pm Tokyo time Friday.

Long Trade

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.6986.

  • 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 Trade

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7028 or 0.7088.

  • 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 was very little between the bulls and bears, but it seemed the bulls had a very slight edge. However, I also said I would not want to rely on that analysis and that this pair was probably best avoided after the FOMC release later today.

This wasn’t a bad call as that release did provide some direction, although it was bearish in the end. The picture is now a little more bearish as the former support at 0.7028 seems to have slipped to become new lower resistance.

The price is trading near long-term lows so for all these reasons it appears that the bulls may have an edge, but I really want to see the price get below 0.7000 and ideally also 0.6986 before taking a bearish bias, as this area has been supportive for a long time.AUD/USD Forex Signal | DailyForexThere is nothing important due today concerning the USD. Regarding the AUD, there will be a release of Building Approvals data at 2:30am London time.

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