Yesterday’s signals were not triggered as neither 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 0.7873.
- 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
There is a long-term bullish trend, but after failing to get above the 0.7950 area, the price has now fallen sharply back down to the round number area close to 0.7900, where it might find some short-term support. It does not look as if there will be much action here as the market is more focused on other pairs such as the USD/JPY.
There is nothing due today concerning either the AUD or the USD.