Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken 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 0.7696.
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 fallen back to land at an area near the support at 0.7629 where there are initial signs it is finding a bottom. The key technical feature in today’s chart is the clear flipped resistance level confluent with the round number at 0.7700. Otherwise, there is no strong trend in this pair, so finding a direction is not easy in the current market conditions. The best trade would be likely to be a short from the 0.7700 area following a spike up there which might occur after the RBA Rate Statement release due later in the forthcoming Asian session.
There is nothing due today concerning the USD. Regarding the AUD, there will be a release of the RBA Rate Statement and Cash Rate at 3:30am London time.