AUD/USD Forex Signal Today 15/05: Low Volatility (Chart)
(MENAFN- Daily Forex) My previous AUD/USD signal on 15th April was not triggered, as none of the key support or resistance levels given were reached that day.
Today's AUD/USD Signals
Short Trade Ideas
Long Trade Ideas
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money
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 forecast about one month ago, I thought this currency pair could be vulnerable to a significant bearish retracement, if not an outright bearish reversal. So, I was looking for a short trade after a firm rejection of $0.6392, but this did not set up.
One month later, the Forex market is dull and ranging. One look at the price chart below shows the price has been ranging aimlessly for weeks, and when you look at the price range, you can see it is relatively narrow – maybe 150 pips at most, so volatility is quite low.
In this market condition, trading reversals from support or resistance levels, especially at extremes, is usually the best approach. However, the price is some way from either extreme. The price is now sitting on the support level of $0.6416. The longer the price holds at this level, the better chance a long trade from here will have.
Apart from this, the best opportunities which might set up will be a short trade from $0.6491 or a long trade from $0.6376.
The general market condition might change later early in the upcoming New York session, as there will be a slew of high-impact US data releases.
EURUSD Chart by TradingView
There is nothing of high importance due today concerning the AUD. Regarding the USD, there will be releases of PPI, Retail Sales, and Unemployment Claims data at 1:30pm London time.
Ready to trade our free Forex signals? Check out our list of the top 5 Forex brokers worth checking out.
