AUD/USD Forex Signal: Hugely Bearish – DailyForex.com
AUD/USD: New 11-year low price
Last Thursday’s signals were not triggered, as none of the key resistance levels were ever reached.
Today’s AUD/USD Signals
Trades must be entered between 8am New York time Monday and 5pm Tokyo time Tuesday.
Short Trade Ideas
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6268 or 0.6386.
Put 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.
Great trade opportunities are waiting – don’t wait to profit from this pair!
I wrote last Thursday that I was firmly bearish on this currency pair and short trades from bullish retracements were likely to be good trades. This was just a great call as the price has continued to fall strongly through “blue sky” to new 11-year low prices, as the Australian Dollar has continued to be hit hard by the coronavirus pandemic’s very strong effects upon global financial markets, commodities, and risky assets in general.
There is some evidence shown in the price chart below that the price may be finding at least a short-term bottom at the round number of 0.6100, so I would wait for two consecutive hourly closes below that level before taking a fresh bearish bias. It may also be that support is found at the very big round number a handle below that at 0.6000.
There is nothing of high importance due today regarding either the AUD or the USD.
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