AUD/USD Signal Today 06/08: Rebound From 8-Month Low (Chart)
(MENAFN- Daily Forex) My previous signal on 5th August was not triggered, as the price did not reach any of the key levels after I published the signal's AUD/USD Signals
Risk 0.75% Trades must be taken before 5pm Tokyo time Wednesday.
Short Trade Ideas
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of $0.6585, $0.6611, or $0.6633. Place 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. Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trade Ideas
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of $0.6505, $0.6465, or $0.6345. Place 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. Remove 50% of the position as profit when the price reaches 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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I wrote in my previous
AUD/USD forecast
yesterday that the
AUD/USD currency pair
was looking more bearish.
I thought that the first hour after London opens would probably be crucial. If the price continued to advance and print a very bullish rejection of $0.6345, sellers may fear to step in.
This was a good call, as the bullish rejection that was made at the low very close to $0.6345 held over the day and provided the bullish impulse for the price to rise much further and even get established above new support levels.
We see a strong bullish inflection point from this new 8-month low that easily and quickly returned the price to its zone of comfort.
I therefore see a consolidation as the most likely form of price action to happen today. This means that the best strategy to approach trading this pair today will probably be scalps off rejections of any key support or resistance level which I have identified above.
There is nothing of high importance scheduled today concerning either the AUD or the USD.
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