AUD/USD Signal Update
Yesterday’s signals were not triggered as the bearish price action took place a little above the resistance zone whose upper boundary was identified at 0.7637.
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 0.7600.
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
There was a spell of buying the US dollar yesterday, but this has worn off, and the pair has reasserted its basically bullish attitude, although only weakly so. It is noteworthy that the resistance zone just under 0.7640 has not really managed to hold. It looks as if the price will start to move up again, with a longer-term bullish trend line shown in the chart below remaining intact.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.