Last Thursday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period only.
Long Trades
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7403 or 0.7374.
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.
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 Trades
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7453 or 0.7479.
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.
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
I wrote last Thursday that I was weakly bearish, mostly because the price was making new long-term low prices, which is usually a bearish sign. However, this was a wrong call, and the price made a double bottom and the low and started advancing. What is especially interesting is that the key levels have all held and flipped. This pair is now in a deep bullish pull back. There may be a good opportunity to go short if there is a strong bearish rejection at 0.7453, but if the price can get established above that, it would be a more strongly bullish sign. Apart from that assessment, I have no directional bias on this currency pair.
There is nothing important due today concerning either the AUD or the USD.