AUD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be taken from 8am New York time until 5pm 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 first entry into the zone between 0.7628 and 0.7637.
* 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 first touch of 0.7500.
* 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
I wrote yesterday that the bullish supportive trend line was starting to become invalidated, and that could be the first sign of an end to the bullish trend. The picture has continued to develop in this direction so is less bullish, but it is too early to really see an end to the medium-term upwards trend.
There is nothing of high importance due today concerning the AUD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.