Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.50%.
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.
Long Trades
Go long following some bullish price action on the H1 time frame immediately upon the next entry into the zone between 0.7740 and 0.7729, or next touch of 0.7598.
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 run.
Short Trade
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7702.
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 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
I took a bearish bias yesterday, thinking the price would reach down to at least 0.7750, where it would be likely to turn bullish. This is exactly what happened. The price now seems to be caught in a zone without any clear direction. I would be equally comfortable going either long or short from any key level which is reached and rejected, having no bias. Conditions will probably not be ideal to trade this pair today, as the Asian session will see Australia on a public holiday.
There is nothing due today concerning the USD. It is a public holiday in Australia.