Forex Technical Analysis

AUD/USD Forex Signal – 25 July 2019

AUDUSD: Bearish reversal continues

Yesterday’s signals were not triggered, as there was no bearish price action at 0.6969.

Today’s AUD/USD Signals

Risk 0.75%.

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

Long Trade Ideas

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.6955 or 0.6940.

  • Put the stop loss 1 pip below the local swing low.

  • Move 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 run.

Short Trade Ideas

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.6993, 0.7008, or 0.7035.

  • Put the stop loss 1 pip above the local swing high.

  • Move 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 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 the USD was broadly strong, but it may be that the price here begins to stabilize as we had a cluster of three key support levels between 0.6969 and 0.6940. Therefore, I expected this price to consolidate at about 0.6969 and took no directional bias here now.

The bears have actually managed to push the price a little way below 0.6969, and this downwards move seems to be keeping its pace, so it seems I was a little over-optimistic on the bullish side.

The strong medium-term bearish reversal from last week’s high price seems to be continuing, but I do not feel comfortable being short so close to this area of a cluster of support levels.AUDUSDThere is nothing of high importance due today regarding the AUD. Concerning the USD, there will be a release of Core Durable Goods Orders at 1:30pm London time.

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