Yesterday’s signals were not triggered as there was no bearish price action at 0.7992.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period only.
Short Trade 1
- Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.8069.
- 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 0.7923.
- 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 price continues to creep up, but it moves in a very congested way making this pair unpleasant to trade. The low volatility shows that it is not the focus of the market right now. The price sits on new resistance which looks unreliable, but it might hold. The signs are slightly in favour of higher prices, with no key resistance levels before 0.8069.
Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time. Concerning the AUD, there will be a release of Retail Sales and Trade Balance data at 2:30am.