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 entered between 8am New York time and 5pm Tokyo time, over the next 24-hours period.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the first entry into the zone between of 0.7570 and 0.7582.
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 0.7516.
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
This pair continues to be strong, with the short-term bullish trend remaining intact. 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 still looks like an excellent vehicle to use for exploiting weakness in the USD.
Concerning the USD, there will be a release of CPI data at 1:30pm London time followed by a minor speech from the Chair of the Federal Reserve at 8pm. Regarding the AUD, there will be a release of Employment Change and Unemployment Rate data at 12:30am.