Last Thursday’s signals were not triggered as there was no bullish price action when the price reached 0.7606.
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 Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7606.
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 0.7544.
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
Despite the general strengthening of the Dollar towards the end of last week, and the weakening of most commodity currencies, the Australian Dollar has held up relatively well. Recent hours have seen a strong recovery from the support at 0.7543 and the flipped support to resistance centred on the 0.7600 area is currently being tested from below. If the price can become established above this area soon, it will be a bullish sign.
The AUD looks as if it is going to remain relatively strong.
There is nothing due today concerning the USD. Regarding the AUD, there will be a release of the RBA Rate Statement and Cash Rate at 3:30am London time.