Home Forex Signals AUD/USD Forex Signal: Consolidating Below 0.7000 – DailyForex.com

AUD/USD Forex Signal: Consolidating Below 0.7000 – DailyForex.com

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The only good trade set up I see as possibly emerging today would be a long entry from a bullish bounce at 0.6925, although a short trade from a rejection of 0.7000 might also work.

AUD/USD: Unlikely to break out of range today

Last Thursday’s signals were not triggered, as there was no bullish price action when the support level identified at 0.6971 was reached.

Today’s AUD/USD Signals

Risk 0.75%.

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

Long Trade Ideas

  • Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6926 or 0.6885.
  • 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

  • Short entry 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.

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AUD/USD Analysis

I wrote last Thursday that bulls had failed to push the price up beyond the big round number at 0.7000. I also noted that the Aussie was acting less bullishly than other currencies against the USD which made me reluctant to be bullish.

My caution was justified, as we have seen the price continue to consolidate between 0.6925 and the big round number at 0.7000 which is acting as resistance.

I think this consolidation is likely to continue as today will probably be a relatively quiet Monday.

The only good trade set up I see as possibly emerging today would be a long entry from a bullish bounce at 0.6925, although a short trade from a rejection of 0.7000 might also work.

We are likely to see much more action in this pair later on this week, but probably not today.

AUD/USD

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

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