Yesterday’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 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 0.7641 or 0.7603.
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 Trades
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7719 or 0.7740.
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
I wrote yesterday that the technical picture was considerably more bullish now, so I had a bullish bias on this pair which was enhanced by the fact that we were seeing very noticeable relative strength in both the Australian and New Zealand Dollars right now, which told us that this pair seemed to be a “hot hand” against any further declines in the U.S. Dollar over the short term. Over the last 24 hours the price has only gone sideways, with no key levels being reached, but this also means that the support has held up and so there is no reason to change my interpretation. I am still bullish, and it still looks like we are going to see higher prices here, although the action is slowing down.
There is nothing due today concerning either the AUD or the USD.