Yesterday’s signals were not triggered as none of the key levels were reached again during the given time slot.
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 entry into the zone between 0.7747 and 0.7760.
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 entry into the zone between 0.7636 and 0.7625.
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 is still at a very interesting point. It is in a long-term uptrend, uniquely amongst major Forex currency USD pairs. It is still testing an area which has acted as strong resistance for more than a year, and the level at 0.7750 which is part of this resistance is also a key psychological level. During the past year, the price has fallen by hundreds of pips from this level. For these reasons, I think this is a very pivotal area: we are relatively likely to either get a strong bullish breakout, or a sharp fall, so if either likelihood can be identified when it starts to happen, there is a profitable trade to be made.
The longer the price is unable to break up past 0.7750, the greater the probability of a significant fall beginning.
There is nothing due today regarding either the AUD or the USD.