AUD/USD may rebound today, with pivotal support at $0.6480. Previous bullish bounce was profitable. Today’s signals suggest short and long trade ideas, focusing on hourly price action reversals. produced a profitable long trade from the bullish bounce at $0.6488. Today’s AUD/USD Signals
(Click on image to enlarge) Short Trade Ideas
Long Trade Ideas
The best method to identify a classic “” is for an hourly candle to close, such as a pin bar, a , an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the that occurs at the given levels. AUD/USD AnalysisI wrote in my previous forecast last Thursday that the was most likely to produce a profitable opportunity from a long trade from the supportive area at $0.6488 – $0.6480.This was a good call as it produced a profitable trade.The price was not able to rise much higher from there, and has again fallen back to this area, as the currency pair continues its consolidation.We also see a new lower at $0.6539, which gives the technical picture a slight bearish tilt.Despite this slightly bearish picture, there are two good reasons to expect a bullish rebound:
The best approach today therefore looks likely to be waiting for a bullish bounce at $0.6480, then entering a long trade.If the price gets established later below $0.6480, say with two consecutive lower closes below that level, then that will be a bearish sign.There is nothing of high importance due today regarding the AUD. Concerning the USD, there will be a release of JOLTS Job Openings data at 3pm London time.More By This Author:BTC/USD Forex Signal: Bitcoin Is Extremely Bullish Above $71,927GBP/USD Forex Signal: British Pound Could Retest 1.2575EUR/USD Forex Signal: Bears Are Still In Control
