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, over 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 0.7993 and 0.8058.
- 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 0.7923.
- 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
This pair now seems to have a clearer direction, as a very solid and symmetrical bearish channel has become established, shown in the chart below. It is notable that the NZD is looking more bullish than the AUD, so if you want to trade this currency family, using the NZD/USD currency pair is probably a better option right now.
The best potential opportunity here looks to be a short from a rejection of the horizontal resistance confluent with the major psychological number of 0.8000, at 0.7993.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Building Permits at 1:30pm London time.