AUD/USD Signal Update
Yesterday’s signals produced a nicely profitable long trade, following the doji rejecting the bullish trend line shown in the chart below.
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 touch of 0.7690.
* 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 next touch of the bullish trend line currently sitting at about 0.7645.
* 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
The situation is basically the same as it was yesterday. Although the price has struggled to reach 0.7700, let alone break up above it, the picture is still basically bullish with the crucial trend line holding as support. Although the USD has found renewed strength, the AUD is also strong.
The primary concern for bulls is the 0.7700 area just above, which has held as resistance for a very long time.
There is nothing due today concerning either the AUD or the USD.