AUD/USD Signal Update
Last Thursday’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 taken between 8am New York time and 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 next touch of 0.7690.
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 next touch of the bullish trend line currently sitting at about 0.7636.
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
Although the price has found it hard to even reach 0.7700, let alone break up above it, the picture is still basically bullish with all support levels and trend lines holding. Although the USD has found renewed strength, the AUD is holding up even more strongly. There is no reason not to be bullish except that the 0.7700 area has held as resistance for a very long time.
There is nothing due today concerning either the AUD or the USD.