Yesterday’s signals were not triggered, as there was no bearish price action at 0.7993.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.
Protect any open trade by 6:30pm.
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 0.7993.
- 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
Yesterday produced a small but significant development, with the price breaking out of the formerly solid bearish channel, and flipping the former support level just below the psychologically key number at 0.8000 from resistance to support. This pair now has a more clearly bullish outlook.
The best potential opportunity here looks to be a long from another bullish bounce following a fall to 0.8000.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of the FOMC Statement, Projections, and Federal Funds Rate at 7pm London time, followed by the usual press conference. There will also be a release of Crude Oil Inventories earlier at 3:30pm.