Today’s AUD/USD Signals
Risk 0.50%.
Trades may only be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Long Trades
- Go long following some bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7190 or 0.7100.
- Put the stop loss 1 pip below the local swing low.
- Move 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 run.
Short Trades
- Go short following some bearish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7335.
- Put the stop loss 1 pip above the local swing high.
- Move 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 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 strong ppressure on the US dollar last week and strong selling pushed the pair to move towards the 0.7292 resistance level at the end of last week's trading before settling around 0.7262 early this week. The general trend remains bearish since the US-China trade war is not doing good to the Australian economy. Therefore, I prefer to sell the pair at each bounce back.
There is nothing important due today concerning the AUD or USD.