Yesterday’s signals were not triggered, as there was no bearish price action at any of the resistance levels which were reached.
Today’s AUD/USD Signals
Risk 0.50%.
Trades must be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trades
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7346 or 0.7322.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7382.
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.
Take off 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 I had a bullish bias above 0.7300 and would be even more bullish above 0.7322. This was a good call and worked out well. We have seen broadly a stronger fall in the U.S. Dollar against all other major currencies in recent hours following President Trump’s comments on interest rates. It looks as if the bullish move might be running out of steam, but it makes sense to remain bullish above 0.7346 and maybe even lower than that. The resistance level at 0.7382 may be hard to break and is likely to be today’s pivotal level is 0.7346 holds up for a while longer.
There is nothing important due today concerning either the AUD or the USD