Yesterday’s signals were not triggered as none of the key price levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time until 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 next touch of 0.7608.
* 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 next entry into the zone between 0.7525 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 Australian Dollar continues to look relatively strong and has benefited over recent hours as the U.S. Dollar see-saws and gives up its gains from earlier in the week. If the FOMC is more dovish than expected later, this is likely to be a great pair to buy to exploit a resulting short to medium-term upwards movement.
Concerning the USD, there will a release of CPI and Retail Sales data at 12:30pm London time, followed by Crude Oil Inventories at 2:30pm and the FOMC Statement, Economic Projections and Federal Funds Rate at 6pm, and then the usual press conference half an hour later. Regarding the AUD, there will be a release of Employment Change and Unemployment Rate data at 12:30am.