AUD/USD Daily Forecast 22nd June 2017
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 0.7625.
· 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 Trade 1
· Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7517 or 0.7498.
· 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
Yesterday I wrote that a move down to the 0.7500 area, which has been strongly supportive, is now likely over the short-term. The price has indeed continued to fall, but the movement is slowing, the supportive area just above 0.7500 has not yet been reached. The market is quiet, with little volatility. I maintain a bearish bias until 0.7517.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.