Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time until 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 0.7750.
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
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7629.
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 medium-term bearish trend is intact, and at the time of writing it looks as if the price will fall further from its current area at about 0.7679 as the short-term bullish move is starting to look exhausted. However, I would be careful as we approach the recent lows as there was a strong bounce down there, which looks as if it is going to hold the price up for a while. What it all adds up to is that there will probably be better opportunities elsewhere, at least for today.
There is nothing due today concerning either the AUD or the USD.