AUD/USD Forex Signal

Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Long Trade
  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7129.
  • Put 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.
Short Trades
  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7181 or 0.7231.
  • Put 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.
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
The Australian and New Zealand Dollars have been the weakest of all major global currencies. Last week this pair reached a multi-year low before recovering to close up over the week. This suggest that trading with a bearish bias is useful, but there is short-term bullish momentum. A bearish reversal later after the RBA’s release at either 0.7181 or 0.7231 look like being very attractive set-ups for short trade entries, and I would take a bearish bias at that time if so.
AUDUSD
There is nothing important due today concerning the USD. Regarding the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 2:30am London time.

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