AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action when the price reached the area between 0.7628 and 0.7637.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be entered from 8am New York time to 5pm Tokyo time, during the next 24-hours period.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 0.7690 or 0.7708.
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 run.
Long Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the first entry into the zone between 0.7637 and 0.7628.
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 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
This pair has just made a very significant bullish break up above long-term resistance around the 0.7600 area. Even more significantly from a technical viewpoint, the price is now above its levels from 3 months and 6 months, which is indicative of a long-term bullish trend. The U.S. Dollar seems to be declining and along with the NZD, the AUD has for some time been one of the strongest currencies against the USD.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.