Yesterday’s signals were not triggered as there was no bullish price action at 0.7547.
Today’s AUD/USD Signals
Risk 0.50%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Short Trade 1
* Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7625.
* 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 Trades
* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7547 or 0.7505.
* 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
I wrote yesterday that his pair has become hard to predict and isn’t really going anywhere. This is how things continue to develop, although the consolidating triangle suggests a directional breakout is on its way soon, although not just yet.
Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time. Regarding the AUD, there will be a release of CPI data at 2:30am.