AUD/USD Signal Update
Yesterday’s signals were not triggered as the bearish price action took place above the upper boundary of the resistant zone.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be entered between 8am New York time and 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 entry into the zone between 0.7628 and 0.7637.
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 0.7500.
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
There is still no reason to stop being bullish, with the price continuing to generally rise and make higher highs and higher lows. However, the action has started to become unclear in two areas. Firstly, the resistant zone has been invalidated, and there is no obvious obstacle preventing a further rise to the next area of resistance above 0.7600. Secondly, it looks as if the bullish supportive trend line is starting to become invalidated, and that could be the first sign of an end to the bullish trend.
There is nothing of high importance due today concerning the USD. Regarding the AUD, there will be a release of CPI data at 12:30am London time.