Yesterday’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 entered 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 0.7683.
* 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 0.7632.
* 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
The action still looks essentially bullish, with a series of higher lows, but volatility is decreasing and there have been no new breaks of any resistance levels. There is a long-term bullish trend. The bullish case survives. Note how the AUD is holding up relatively well during short-term periods of USD strength.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Final GDP and Unemployment Claims data at 12:30pm London time.