AUD/USD Signal Update
Yesterday’s signals produced a profitable short trade following the bearish engulfing candle rejecting the resistance, but it only made the minimum 20 pips of profit before turning around and stopping out.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken after 8am New York time and before 5pm Tokyo time, during the next 24-hours period only.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the first touch of 0.7369.
Place 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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Go long following some bullish price action on the H1 time frame immediately upon the first touch of 0.7254.
Place 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.
Remove 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
The AUD has turned less bullish after meeting and failing to hold above key resistance at 0.7369. There was also disappointing Australian economic data released during the Asian session which did not help.
This remains one of the more bullish USD pairs so what happens next should be largely down to how the market feels about the greenback.
There may be minor support at about 0.7290.
There is nothing due today regarding the USD or the AUD.