(MENAFN- Daily Forex) My previous AUD/USD signal on 30^th September were not triggered.

Today's AUD/USD Signals

• Risk 0.25%
• Trades must be entered prior to 5pm Tokyo time Friday.

Short Trade Ideas

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of $0.6609, $0.6659, or $0.6696.
• 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 1H1 time frame H1H1H1 time frame immediately upon the next touch of $0.6584, $0.6571, or $0.6559.
• 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/USD Analysis

In my previous AUD/USD forecast nine days ago, I wrote that the level at $0.6609 was likely to be pivotal, with $0.6650 a realistic short-term profit target following a bullish breakout. This was not a great call as the price fell back decisively below at $0.6650, at about $0.6630.

The technical picture seems to have changed since then, with the price just completing a second touch on which a descending trend line can be drawn, which is symmetrically parallel to a more established lower trend line. The problem for bears here is that the price has already made a strong rejection of the confluence of the descending trend line and the horizontal resistance level at $0.6609.

At the time of writing, the bearish momentum is easily cutting through the former support level at $0.6583. However, there are two further support levels close below.

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I think the rest of today is likely to see choppy price action, so I think this currency pair should only be of interest to scalpers today looking to trade bounces off key levels. Be careful if you are doing that and conservative in closing trades in floating profit.

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

EURUSD Chart by TradingView

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