Yesterday’s signals were not triggered, as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7750.
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
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7629.
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 continued to rise a little as it broke above the minor swing highs at 0.7700, but turned bearish at 0.7720. There is now a hint that the level at 0.7700 might be acting as new support. Apart from these developments, there is little going on with this pair, which is difficult to forecast right now. There will probably be better opportunities in other pairs unless the price reached 0.7750 and turns bearish there.
Regarding the USD, there will be a release of Unemployment Claims data at 12:30pm London time. Concerning the AUD, there will be a release of Retail Sales data at 12:30am.