Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period only.
Short Trade 1
- Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7461.
- 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 0.7411.
- 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
Looking at the long-term picture, the price is clearly in a trendless consolidation between approximately 0.7750 and 0.7150. There are quite wide swings from rejections of key support and resistance levels within this pattern of wide, consolidating swings. The medium-to-short term was looking bearish yesterday but the price has moved up with some momentum over recent hours. Nevertheless, the price is most likely to consolidate between the nearest support and resistance levels which remain untouched so far. There may be minor resistance at 0.7450.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time