AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7430.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hours period only.
Short Trades
Go short following some bearish price action on the H1 time frame immediately upon the first touch of 0.7525 or 0.7570.
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 0.7431.
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
I wrote yesterday that this pair looked good for exploiting any USD weakness and so it has proved to be. The chart below is a study in bullishness and we again yesterday had a very clear flip of former resistance to new support. This could be the beginning of a new long-term bullish trend but the price needs to get to the 0.7700 for that to become established. Now, it is a bullish picture, but the price has already hit a zone just above the key psychological number of 0.7500 which may act as strong resistance and halt the advance, at least temporarily.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.