Yesterday’s signals were not triggered as neither of the key levels have been reached yet.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.
Short Trade 1
- Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7992.
- 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
The monthly guidance from the Reserve Bank of Australia held no surprises, and the price hardly reacted. The key support and resistance levels at 0.7992 and 0.7923 remain intact, holding the price at both ends. The buying is perhaps a little stronger than the selling, but this pair is impossible to call over the short term.
There is nothing due today concerning the USD. Regarding the AUD, there will be a release of GDP data at 2:30am London time.