AUD/USD Forex Signal Today 03/06: Looking Bearish (Chart)

(MENAFN- Daily Forex) My previous AUD/USD signal on 27th May were not triggered, as the bottom was printed between the identified support levels.

Today's AUD/USD Signals

• Risk 0.50%
• Trades may only be entered before 5pm Tokyo time Wednesday.

Short Trade Ideas

• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of $0.6471, $0.6499, or $0.6517.
• 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

• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of $0.6450, $0.6423, or $0.6407.
• 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.

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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/USD Analysis

In my previous AUD/USD forecast last Tuesday, I wrote that this currency pair was at a support level at $0.6467 which looked pivotal. This was a good and accurate call, not just for that day, but also for the rest of the week, as after breaking below this level, the price action remained bearish.

Now, the price has sold off quite strongly over recent hours, as the Australian Dollar takes a hit as markets start to focus on the upcoming tariff deadlines, notably tomorrow for a doubling of the US import tariff on steel and aluminium from 25% to 50%. This nervousness will tend to depress the Aussie as Australia is a major exporter of iron ore used in steel production, especially to China, which is also facing steep tariffs.

Technically, the bearish momentum is slowing as the price approaches close to the support level at $0.6450, which is also a half number. This level looks likely to be pivotal today, especially if we get a bullish bounce rejecting this support.

The support levels below that also look quite promising, but the resistance levels overhead do too, notably $0.6500 which is also a major round number.

I think scalps from any of these reversals are possible, but maybe a longer-lasting trade could be made from a long entry following a bounce off $0.6450.

EURUSD Chart by TradingView

There is nothing of high importance due today concerning the AUD. Regarding the USD, there will be a release of JOLTS Job Openings data at 3pm London time.

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