AUD/USD Signal Update
Yesterday’s signals were not triggered as there was insufficiently bearish price action at 0.7525.
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 Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the first touch of 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 0.7516.
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
We have a very significant development today in this pair. The AUD has been one of the strongest currencies against the USD over the past several months and today it is finally breaking up above the psychologically key 0.7500 level. If this holds it will be a very bullish sign. Above 0.7600, this pair starts to reach its price levels of 3 and 6 months ago, and if it gets there, this is a great technical indicator for the establishment of a long-term bullish trend. Meanwhile, it looks like a great vehicle to use for exploiting weakness in the USD.
There is nothing due today regarding either the AUD or the USD.