Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.50%.
Trades must be entered from 8am New York time to 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 Trades
- 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
I was correct to foresee a further rise in the price yesterday, but the price has sold off in recent hours, forming a double top at the recent high price. Support levels are completely intact, and the overall picture is bullish, and this will not change unless there is a sustained break below the supportive area centred on the major psychological number of 0.7500.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of PPI data at 1:30pm London time.