Yesterday’s signals were not triggered as the price never quite reached 0.7588.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time to 5pm Tokyo time, during the next 24-hours period only.
Short Trades
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7588 or 0.7625.
* 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 0.7529.
* 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
The medium-term bearish picture continues following the turn down from the 0.7750 area, with the bearish channel shown in the chart below remaining intact. The closest inner bearish trend line was rejected with a bearish inside candle/pin candle combination formation.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change forecast at 1:15pm London time, followed at 3pm by ISM Non-Manufacturing PMI and Crude Oil Inventories half an hour later. Finally, and most importantly, there will be a release of the FOMC Meeting Minutes at 7pm.