Yesterday’s signals were not triggered as none of the key levels were reached within the session times given.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between8am New York timeand5pm Tokyo time, over the next 24-hours period.
Short Trade 1
- Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7650.
- 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
- Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7558.
- 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
This pair is becoming more interesting as it shows some bullish rejection of the support level I had identified yesterday at 0.7558. So far, the bounce is not very strong, but if it is rejected again after New York opens, completing a double bottom, it could be an interesting opening for a rather speculative long trade, although it is still looking as if the bid has really gone out of the Australian Dollar.
There is a long-term bullish framework, but it is not active and valid.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of CB Consumer Confidence data at 2pm London time.