AUD/USD Forex Signal
|Today’s AUD/USD Signals
Risk 0.50%.
Trades must be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period only.
Long Trades
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Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7835 or 0.7780.
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Put the stop loss 1 pip below the local swing low.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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 Trade
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Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7898.
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Put the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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.
I wrote yesterday that there would probably be another upwards movement, and that price movement was most likely to occur upon the release of Australian economic data. The data release saw retail sales increase by 1.2%, far exceeding the anticipated 0.4%, and this sent the price of this pair higher, even though the U.S. Dollar has been relatively strong over recent hours. We have seen the price print two more higher support levels, the highest of which is holding up the price right now after a lot of supportive contact, for which reason I do not look to use this level today but instead look to 0.7835 as support. I have a bullish bias, but note the key resistance level at about 0.7900 is not far above the current price.
There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of PPI data at 1:30pm London time.
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