AUD/USD Signal Update
Last Thursday’s signals may have produced a profitable long trade from the bullish engulfing candlestick rejecting the support level at 0.7518, although the bullish action did take place a few pips below that level. If a long trade was taken, it is probably a good idea to close it out for profit.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be taken from 8am New York time to 5pm Tokyo time, over the next 24-hours period.
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.
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
Go long following some bullish price action on the H1 time frame immediately upon the first entry into the zone between 0.7518 and 0.7500.
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
The price is now forming a consolidation triangle, as it continues to refuse to break up above the short-term bearish trend line which continues to lengthen and strengthen. The supportive zone below remains intact so it seems this pair is set to range over the short-term.
There is nothing due today concerning either the AUD or the USD.