AUD/USD Signal Update
Last Thursday’s signals were not triggered as none of the key levels identified were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hours period.
Short Trades
Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 0.7525 or 0.7570.
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
Long entry following some bullish price action on the H1 time frame immediately upon the first touch of 0.7431.
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
We have seen a strong short-term bullish trend over recent days that is threatening to become a longer-term trend. However, as expected, the price has found it hard to really get beyond the psychologically significant level of 0.7500. The area around 0.7450 looks very supportive as there is a natural zone of support there confluent with a bullish trend line.
There is nothing due today regarding the AUD or the USD. It is a public holiday in the U.S.A.