Yesterday’s signals may have provided a long trade from the bullish bounce off the 0.7645 line, although this trade would already be stopped out with some profit booked.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Short Trades
- Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7629 or 0.7645.
- 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 Trade 1
- Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7562.
- 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 initial downwards movement has run out of steam, being held by buying around 0.7575. There are supportive and resistant zones close by, so the next short-term movement looks impossible to predict. Over the longer-term, a broader downwards move looks as if it might have begun, but there is no real trend in this currency pair.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims at 1:30pm, ISM Non-Manufacturing PMI at 3pm, and Crude Oil Inventories at 5pm.