Yesterday’s signals were not triggered as there was no bullish price action at 0.7940.
Today’s AUD/USD Signals
Risk 0.50%.
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 0.7987.
- 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 0.7873.
- 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
The “risk off” market sentiment continues to prevail, and this has pushed the price of this pair down, invalidating a former support level, and leaving the technical picture more bearish today than it was yesterday. This pair is still far from the heart of the market, and I maintain no directional bias. There will probably be better opportunities in other currency pairs.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time, followed by the Chair of the Federal Reserve speaking at 5:45pm.