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, during 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 0.7740 or 0.7695.
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Place the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 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
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Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7804.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 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 was correct in seeing a probability of little movement in this pair, at least until the RBA release. That release did not provide much movement, and the action is still consolidative. With no real trend on any time frame, and with the price in between key levels, it is probably worth standing aside from this pair today.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.
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