(MENAFN- Daily Forex) AUDUSD: More bearish below 0.6800 pivotal point
Yesterday's signalswere not triggered as the bearish price action took place slightly above 0.6850.
Today's AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time Thursday until 5pm Tokyo time Friday.
Short Trade Ideas
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Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6800 or 0.6832.
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Put the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade Ideas
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Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6771 or 0.6753.
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Put the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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.
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AUD/USD Analysis
I wrote yesterday we were again looking at a possible bearish break below 0.6830. I was wary of entering any trades in this currency pair before the FOMC release due later as the price had been acting relatively unpredictably. I saw a firm break below 0.6830 as potentially interesting later.
This was an excellent call as the FOMC release broke below 0.6830, with a perfect bearish entry from that level upon an immediate retest which gave a profitable trade. It would be wise to take most or all of the profit by now from any such short trade.
The picture now has become more bearish, and it seems that the round number and key resistance level at 0.6800 will be today's pivotal point. I would take a bearish bias later if that level holds and then produces a bearish thrust signalling another downward movement is likely but watch the lower support levels very carefully. 
There is nothing of high importance due today concerning the AUD. Regarding the USD, there will be a release of Philly Fed Manufacturing Index data at 1:30pm London time.
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