Last Thursday’s signals were not triggered as although the price has come very close to the support level identified at 0.7517, it has never quite been reached.
Today’s AUD/USD Signals
Risk 0.50%.
Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Short Trade 1
- Go short 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
- Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7517 or 0.7498.
- 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 price looks bullish as it is holding up firmly and clearly finding support just above the level at 0.7517. The signs are suggesting a further rise in the price.
There is nothing due today concerning either the AUD or the USD.