AUD/USD Forex Signal - Monday, July 24

Last Thursday’s signals were not triggered as none of the key levels were ever reached.

Today’s AUD/USD Signals

Risk 0.75%.

Trades may only be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period.

Short Trade 1

Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.8000.

Put 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.

Take off 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 1

Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7836.

Put 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.

Take off 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.

AUD/USD Analysis

There is a long-term bullish trend and a strong bullish breakout in play, so another bullish move up is more likely than not to happen soon. However, the longer this consolidation goes on, beyond the past three days, the more likely the price will be to break below 0.7836 as its next major move. The large round number above at 0.8000 may also be very strong and difficult to break.