AUD/USD Forex Signal
|Yesterday’s signals were not triggered, as none of the key levels were ever reached.
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 Trade
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Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7901.
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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 0.7987.
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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 even though I had a bullish bias and the picture looked very bullish, as we approached the big round number at 0.8000 there was likely to be some resistance and profit-taking. This is how things have turned out, with the price initially rising for a few hours to a new high price of 0.7978, before topping out and starting to fall back. The price may now stabilize in an area of minor support around 0.7940, or fall further towards the next major support level at 0.7901. It might be wisest to take profits on any medium-term long trades and stand aside to await further developments here, for the time being.
There is nothing important due today concerning either the AUD or the USD.
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