Last Wednesday’s signals were not triggered as there was no suitable price action when the key levels were 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 0.7987 or 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 0.7940 or 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 relatively little to say about this pair, it is on the side-lines of the market today. The price was rising steadily until the FOMC announcement, which had a big positive-USD impact here, then the price recovered from its low before stabilizing between nearby support and resistance. The market looks to be in equilibrium now and I have no directional bias. There will probably be better opportunities elsewhere.
There is nothing important due today concerning either the AUD or the USD.