Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
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 Trade
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7362.
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
Short entry 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
This pair is trading within a wide range, which has tended to give both long and short opportunities to those with patience who are prepared to fade bounces at the extreme price levels. Although the picture looks short-term bullish, there is nothing here to change the wider picture. That might change later when the RBA’s meeting minutes are published, as there is some uncertainty around Australian monetary policy right now. Until that release later, I doubt there are going to be any good opportunities coming here.
Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time. Concerning the AUD, there will be a release of Monetary Policy Meeting Minutes at 2:30am.