Last Thursday’s signals were not triggered, as neither of the key levels were ever reached that day.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken between 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 0.7696.
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 price has continued to fail whenever it gets close to the resistance level I have been talking about for a week or so now, 0.7696. Recent hours have seen the invalidation of the higher support level, and it now looks as though the price is likely to test the next support level, at 0.7629. As the pair is quite trendless, it is probably a promising idea to trade turns if you can get in early with minimal risk near either of these big key support and resistance levels.
There is nothing important due today concerning either the AUD or the USD.