Yesterday’s signals were not triggered, as there was no bullish price action at 0.7403.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Long Trades
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7374 or 0.7343.
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.
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.
Short Trades
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7420 or 0.7453.
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.
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
After a relatively strong bullish pull-back within the long-term bearish trend that recently made new multi-month lows, the price has begun to drift down again, and print new resistance while invalidating support. Therefore, I am weakly bearish below 0.7420 and above 0.7374. If the price reaches 0.7374, its reaction there will probably be significant.
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.