AUDUSD: Bullish to 0.6917
Yesterday’s signals were not triggered as none of the key levels were reached yesterday.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time Thursday and 5pm Tokyo time Friday.
Short Trade Ideas
Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6917 or 0.6940.
Put 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.
Long Trade Ideas
Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6868 or 0.6830.
Put 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.
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 had become significantly more bullish, so I was ready to take a bullish bias if the price broke the recent highs after the New York session got underway. This did not happen, so no bullish bias. However, the price has continued to advance and print new higher support at 0.6868 which was a key level before yesterday, so it has significance. This is another bullish sign, and the price seems to be really holding up above the pivotal 0.6850 area, so I will take a bullish bias today above 0.6890 until 0.6917 is reached.
The Australian Dollar is one of the strongest major currencies right now.
Regarding the USD, there will be a release of CPI (inflation) data at 1:30pm London time. There is nothing of high importance due today concerning the AUD.