AUD/USD Signal Update
Last Thursday’s signals were not triggered as the bearish price action took place a little way above the 0.7700 level.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may be taken between 8am New York time to 5pm Tokyo time, over 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 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 first entry into the zone between 0.7637 and 0.7628.
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 has been very bullish in recent days and still seems to have a strong bid in it. However, the long-term multi-month resistance around the 0.7700 level seems to be holding very firm and may cap any further advance. If the price breaks above that level and holds up there, it would be a very bullish sign, and an indication that a long-term bullish trend is truly underway.
There seems to be very healthy buying everywhere under 0.7650.
Concerning the AUD, the RBA will release their Rate Statement and Cash Rate at 3:30am London time. There is nothing due regarding the USD.