AUD/USD Signal Update
Yesterday’s signals were not triggered as none of the identified price levels were ever reached.
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
Short entry 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
Long entry following some bullish price action on the H1 time frame immediately upon the first entry into the zone between 0.7518 and 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
The consolidation triangle which I mentioned yesterday has now been broken to the upside, but very weakly. There is little else to say except the price looks very choppy and indecisive, though I hold a slightly bullish bias.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.