There has been no dramatic change in the technical picture – we continue to see a slowing of bearish momentum, which may now have slowed down to become a neutral consolidation.My previous signal on 3rd January was not triggered. Today’s AUD/USD SignalsRisk 0.75%Trades may only be entered 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 $0.6737, $0.6754, or $0.6775.
  • 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 $0.6671, $0.6654, or $0.6634.
  • Place 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. AUD/USD AnalysisI wrote in my previous forecast almost one week ago that the AUD/USD currency pair was falling but running out of momentum. The fall was driven by a widespread advance in the US Dollar, which was against the long-term trend.I thought the trade to watch out for would be two consecutive hourly closes above $0.6775, but in fact the price fell during most of the day before regaining some ground.There has been no dramatic change in the technical picture – we continue to see a slowing of bearish momentum, which may now have slowed down to become a neutral consolidation. The price chart below shows that for several days the price has effectively been ranging without bias between $0.6671 and $0.6737.The best approach today will likely be to trade reversals at either extreme, and just play the range.More By This Author:AUD/USD Forex Signal: Forecast After The Strong NFPs DataGold Price Analysis Today: Gold’s Trend Is Still Bullish EUR/USD Forex Signal: Consolidation Below $1.1000

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