Last Thursday’s signals were not triggered as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Short Trades
- Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7585 or 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 appears to be consolidating after moving down from the strong, long-term resistance level at 0.7625. The price is currently stuck within a narrow area in an essentially trendless market, meaning a trade off one of the levels following rejection would probably have the highest odds for success. This pair might come to life later during the Asian session.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time.