Last Thursday’s signals were not triggered, as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.50%.
Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Long Trade
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7938.
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.
Short Trade
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.8058.
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.
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
There is a generally medium-term bullish picture, with no major change from last week’s technical situation. The only thing that is worthwhile to note is that the price is continuing to hold up above the psychological level at 0.8000, which is a bullish sign. There is no long-term trend, but there is clearly a medium-term bullish trend, and I retain my bullish bias.
There is nothing important due today concerning either the AUD or the USD.