SIGNAL FOREX

AUD/USD Forex Signal: Bullish Breakout Pending – DailyForex.com


The Australian Dollar has been advancing for several months, and recently achieved new 1-year high prices.

AUD/USD: 0.7200 area looking pivotal

Today’s AUD/USD Signals

Risk 0.75%.

Trades must be entered from 8 am New York time Monday to 5 pm Tokyo time Tuesday.

Long Trade Ideas

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.7175, 0.7161, 0.7139, or 0.7121.
  • Place the stop loss 1 pip below the lowest recent price.
  • Adjust 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 ride.

Short Trade Ideas

  • Short entry following bearish price action on the H1 time frame immediately upon the next touch of 0.7197 or 0.7254.
  • Place the stop loss 1 pip above the highest recent price.
  • Adjust 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 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

The Australian Dollar has been advancing for several months, and recently achieved new 1-year high prices. However, recent days and weeks have seen the bullish momentum slow down, with the Euro outpacing the Aussie in terms of relative price rises.

The long-term bullish trend is boosted by two factors: the new bearish trend in the U.S. Dollar which is very significant, and the Australian Dollar’s advance as the Chinese economy continues to recover and as global economies broadly continue their recoveries from the original coronavirus crash in March.

The technical picture is also beginning to become more bullish and interesting, with the price chart below showing that the price has recently broken out of a symmetrical bearish price channel, which is usually a bullish sign. The broken channel was tested from above, giving a bullish bounce, which is also a bullish sign.

Combined with these factors, we see strong resistance just below the round number at 0.7200. Therefore, a bullish breakout above 0.7200 could see some strong momentum and we might reach the 0.7250 area quite quickly following such a breakout.

Bulls should beware of the resistance level in the area of the major quarter-number at 0.7250.

I will take a bullish bias today if we get two consecutive hourly closes above 0.7200 later, up to 0.7250.

Note that the RBA will be releasing minutes of its recent monetary policy meeting which could cause unpredictable volatility during the second half of the Asian session.

There is nothing of high importance due to the USD. Regarding the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 2:30 am London time.

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