SIGNAL FOREX

AUD/USD Forex Signal: Consolidating Triangle – DailyForex.com


I will continue to avoid trading this pair as long as the price remains between 0.6774 and 0.7000 unless we get some dramatic price action.

AUD/USD: Weak bullish breakout from channel not impressive

Yesterday’s signals were not triggered, as neither of the key levels were reached.

Today’s AUD/USD Signals

Risk 0.75%.

Trades must be entered from 8 am New York time Wednesday to 5 pm Tokyo time Thursday.

Long Trade Ideas

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6892 or 0.6774.
  • Put the stop loss 1 pip below the lowest recent price.
  • Move 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 run.

Short Trade Ideas

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.7109.
  • Put the stop loss 1 pip above the highest recent price.
  • Move 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 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

I wrote yesterday that we definitely had a more bullish technical picture here now as we had a breakout from the bearish channel with almost nothing before 0.7109 to stop a further rise, but also potential resistance at about 0.6950 and 0.6975, not to mention the big round number at 0.7000, so I wanted to stand aside and wait below 0.7000.

This was a good call as the price has done nothing over the past 24 hours.

The bullishness I mentioned yesterday is now called into question as the chart below shows that the price is contained within a new narrowing, consolidating triangle formation.

I will continue to avoid trading this pair as long as the price remains between 0.6774 and 0.7000 unless we get some dramatic price action.

I see the best trade which may set up here in the near future as a long trade from a bullish bounce at 0.6774.

AUD/USD

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

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