Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be entered from 8am New York time to 5pm Tokyo time, during the next 24-hours period only.
Short Trades
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7704 or 0.7731.
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 touch of 0.7606.
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 situation remains the same as yesterday, with this pair staying strangely unaffected by recent market movements over the past 24 hours. This pair is still in a long-term bullish trend, but the action is looking more and more bearish as wave after wave rejects the highs. It feels increasingly as if this long-term resistance at 0.7700 and above will hold and possibly produce the start of a large downwards movement. This pair is one to watch for either a sharp fall or a strong bullish breakout above 0.7750.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time, followed by Crude Oil Inventories at 3:30pm.