Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Short Trade 1
· Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7992.
· 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 ride.
Long Trade 1
· Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7878.
· 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 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
The price is still contained within a medium-term bearish flag, which is in turn contained within a long-term bullish trend. This suggests that a breakout above the upper channel trend line should produce a move up to at least the next resistance level at 0.7992, although there is also a possibility of resistance being felt before that at 0.7950. The bullish breakout case is assisted by the decrease in the pace of the downwards waves, and the higher U-shaped low which can be seen at recent low prices in the chart below.
There is nothing due today concerning either the AUD or the USD.