Last Thursday’s signals were not triggered as the price did not reach 0.8015 during the specified time window.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Short Trade 1
- Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.8058.
- 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 0.7923.
- 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
This pair is not going anywhere. The action is very dull and the Australian Dollar is a small sideshow in the market now. This might change later as the RBA’s release approaches. If there are any surprises in their minutes it could move the pair. Yet it remains very difficult to forecast any direction with such sideways price movement ongoing.
There is nothing due today concerning the USD. Regarding the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 2:30am London time.