Last Thursday’s signals were not triggered as there was no bearish price action at 0.8069.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may be entered between 8am New York time and 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 0.8163.
- 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 run.
Long Trade 1
- Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.8022.
- 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 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
Last Thursday I said we were established within a short-term bullish channel, with signs slightly in favour of higher prices, with no key resistance levels before 0.8069. This is how things have gone since then, despite the pull-back, with new probable support at a higher level of 0.8022. If anything, the bullish trend is a little stronger, and could be strengthened by the fact we are near the channel’s supportive trend lines. Although they are a little ambiguous, they are confluent enough to be meaningful.
There is nothing due today concerning either the AUD or the USD.