AUD/USD Forex Signal Today 02/07: Clear Support (Chart)

My previous AUD/USD signal on 19th June produced a profitable long trade from the bullish rejection of the support level at $0.6450.

Today’s AUD/USD Signals

Risk 0.50%
Trades must be entered prior to 5pm Tokyo time Thursday.

AUD/USD Forex Signal Today 02/07: Clear Support (Chart)

Short Trade Ideas

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of $0.6590, $0.6615, or $0.6625.
  • Put the stop loss 1 pip above the local swing high.
  • Adjust the stop loss to break even once the trade is 20 pips in profit.
  • Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

Long Trade Ideas

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of $0.6553, $0.6505, or $0.6484.
  • Put the stop loss 1 pip below the local swing low.
  • Adjust the stop loss to break even once the trade is 20 pips in profit.
  • Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

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

In my previous AUD/USD forecast almost two weeks ago, I wrote that this currency pair was looking bearish due to the ongoing war between Iran and Israel at the time, which appeared at imminent risk of escalating.

This was not so useful on the day itself, as the best opportunity that day was a long trade, but over the next days the dominant direction was downwards.

The technical picture has changed as risk sentiment has made a strong recovery following the conclusion of this war, with major US equity indices rising to new record highs, while the US Dollar continues to sell off as President Trump does his best to talk down the Fed’s 4.25% interest rate.

These factors have kept the price moving higher here in an orderly way. The price chart below shows we have just below us right now a very clear “stairstep” support level at $0.6553. If this level is rejected today, especially if the bullish bounce also rejects the half number at $0.6550, then that would be a good opportunity to enter a long trade. I see this as the best opportunity that is likely to set up today in this currency pair.

There is nothing of high importance due today concerning the AUD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Forecast at 1:15pm London time.

Ready to trade our daily Forex signals? Check out our list of the top 5 Forex brokers in the world.

Source link

Visited 1 times, 1 visit(s) today

Related Article

EUR/USD Analysis 03/07: Bullish Stability Continues (Chart)

EUR/USD Analysis 03/07: Bullish Stability Continues (Chart)

EUR/USD Analysis Summary Today Overall Trend: Bullish. Today’s EUR/USD Support Levels: 1.1740 – 1.1680 – 1.1590. Today’s EUR/USD Resistance Levels: 1.1820 – 1.1880 – 1.2000. EUR/USD Trading Signals: Buy EUR/USD from the support level of 1.1630 with a target of 1.1820 and a stop-loss at 1.1560. Sell EUR/USD from the resistance level of 1.1840 with

Gold Analysis 03/07: Weakness Continues to Support Gold (graph)

Gold Analysis 03/07: Weakness Supports Gold (Chart)

Today’s Gold Analysis Overview: The overall Gold Trend: Bullish. Today’s Gold Support Levels: $3328 – $3280 – $3220 per ounce. Today’s Gold Resistance Levels: $3372 – $3390 – $3420 per ounce. Today’s gold trading signals update: Sell Gold from the resistance level of $3393 with a target of $3300 and a stop-loss at $3420. Buy

USD/JPY technical forecast

USD/JPY Forecast: Dollar Rebounds after US-Vietnam Trade Deal

The USD/JPY forecast shows a rebound as the dollar gains on trade optimism. The US economy lost 33,000 private jobs in June. Economists expect 120,000 new US jobs, a slowdown from the previous month. The USD/JPY forecast shows a rebound as the dollar gains on trade optimism. However, downbeat employment figures in the previous session

A roadside currency exchange vendor counts notes in New Delhi. File

Rupee falls 8 paise to 85.70 against U.S. dollar in early trade

A roadside currency exchange vendor counts notes in New Delhi. File | Photo Credit: Reuters The rupee depreciated 8 paise to 85.70 against the U.S. dollar in early trade on Thursday (July 3, 2025) amid renewed headwinds from global risk sentiment and persistent foreign fund outflows. Forex traders said the rupee was trading in a

S&P 500 Flashes Golden Cross, a Bullish Signal for More Stock Gains

S&P 500 Flashes Golden Cross, a Bullish Signal for More Stock Gains

After hitting record highs in recent days, the S&P 500 just flashed an indicator for more gains ahead. On Tuesday, the index’s 50-day moving average of 5,846.34 closed above its 200-day moving average of 5,837.96, a bullish technical pattern known as a golden cross. It’s the first time the indicator has flashed since February 2023.

President Donald Trump speaks to the Press before departs at the White House to Alligator Alcatraz, Florida

Trump’s Big ‘Growth’ Brag Gets Hit With an Immediate Reality Check

President Donald Trump’s boast that the U.S. is experiencing economic “growth” at levels “never seen before” was quickly fact-checked by a damning jobs report. New data showed private sector employment fell by 33,000 jobs in June, payroll processing firm ADP announced Wednesday. Not only is this figure far below the estimated gain of 95,000 jobs

0
Would love your thoughts, please comment.x
()
x