SIGNAL FOREX

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


AUD/USD: No decisive breakthrough yet

Yesterday’s signals were not triggered as there was insufficiently bearish price action when the resistance level at 0.6892 was first reached. The first hourly inside candlestick did not break down.

Today’s AUD/USD Signals

Risk 0.75%.

Trades may only be entered between 8am New York time Wednesday and 5pm Tokyo time Thursday.

Long Trade Idea

  • Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6887.

  • 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 Idea

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6918.

  • 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.

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AUD/USD Analysis

I wrote yesterday that although we had a bearish breakdown from the consolidating triangle, the breakdown looked weak and a little unconvincing. Therefore, I did not want to be bearish until the price got below the support level at 0.6774.

This was a great call as the price turned around again to rise and establish new higher support at 0.6887. However, the resistance level at 0.6818 has not only held the price down but is also now confluent with a major bearish trend line which is making it stronger. To add to the continuing impasse, we can draw a new supportive trend line which again puts the price within a new consolidating triangle, so the technical indecision persists.

I will take a bullish bias here if we get two consecutive hourly closes above the resistance and upper trend line of the triangle at 0.6918.

AUDUSD

There is nothing of high importance scheduled today regarding the AUD. Concerning the USD, there will be a release of the ADP Non-Farm Employment change forecast at 1:15pm London time.

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