Last Thursday’s signals were not triggered as there was no bullish price action when the price reached 0.7529 during that session.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time until 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 0.7539.
* 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 Trades
* Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7452 or 0.7431.
* 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
I wrote last Thursday that the situation simply looked bearish all over, and today the picture looks even more bearish as the price broke down below the psychologically key round number of 0.7500 without much of a blip. The bearish trend lines are all intact and the action continues to print new resistance. There is no reason not to be bearish.
There is nothing due today regarding the AUD. Concerning the USD, the Chair of the Federal Reserve will be speaking at a conference at 9:10pm London time.