Yesterday’s signals were not triggered, as there was no bearish price action at 0.7635.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Short Trades
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7613.
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
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7587 or 0.7558.
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
Yesterday the price blasted up past both resistance levels, and got close to 0.7650 before falling back strongly enough to bring it down to the key support zone, which in recent hours put up only a small struggle. The price is now heading towards 0.7587, where it may bounce and provide a long trade entry, although it will probably be too soon. If the level breaks, a further fall towards 0.7558 becomes the more probable short-term outcome.
I have no directional bias on this currency pair.
There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time, while the new designated Chair of the Federal Reserve will be testifying before Congress at the same time. The U.S. Treasury Secretary will be giving a minor presentation at 8:45pm.