AUD/USD Signal Update
Yesterday’s signals produced a profitable long trade following the bullish pin candle rejecting the support level identified at 0.7637.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be entered from 8am New York time until 5pm Tokyo time, during the next 24-hours period only.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next entry into the zone between 0.7628 and 0.7637.
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 next touch of 0.7600.
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 been very bullish but we have just seen another, third failure to rise higher following another approach to the key 0.7700 area. This was followed by a sharp fall. It looks as if the price is now going to drift back to 0.7600, but if that holds the medium-term outlook should still be bullish. However, as we have been near long-term highs, this could be the start of a gradual move down consisting of a few hundred pips.
There is nothing due today concerning either the AUD or the USD.