Yesterday’s signals were not triggered as there was insufficiently bearish price action at 0.7539.
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 0.7625.
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 Trades
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7539.
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
This pair had been looking bearish, but the Australian Dollar benefited hugely from the sharp drop in the U.S. Dollar, rising by more than 1% over the past 12 hours. However, there is no clear-long term trend, but the prevalent momentum is bullish. The price will need to slow down for several hours before any short trade should be considered
Concerning the USD, there will be a release of PPI and Unemployment Claims data at 1:30pm London time, followed by Preliminary UoM Consumer Sentiment number at 3pm. It will be a public holiday in Australia today.