Yesterday’s signals were not triggered as there was no bearish price action at 0.7625.
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 0.7683.
· 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
· Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7629.
· 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
This pair has seen a strongly bullish development was a big breakout beyond the long-term resistance level and bearish trend lines at about 0.7625. The price is now at levels which have not been reached for 3 months, and if it continues to rise, will test very long-term highs. I have a bullish bias. The Australian Dollar is now looking stronger than the New Zealand Dollar in a reversal of their respective recent roles.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Final GDP and Unemployment Claims data at 1:30pm London time.