Yesterday’s signals were not triggered as there was insufficiently bullish price action at 0.7544.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be taken 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 0.7549.
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 0.7500 or 0.7452.
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 Australian Dollar, which has until recently been one of the strongest currencies against the U.S. Dollar, has held up relatively well against the U.S. Dollar. However, it now looks as if this is coming to an end, as the pair falls but does not yet really find any good support, although the 0.7500 area is still intact below the current price and might hold up the fall or even reverse it.
This pair had been in a long-term bullish trend, but that must be considered over now. Looking at it from another angle, the area at 0.7700 has been strong multi-month resistance so a long-term fall from there might be on the cards.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.