Yesterday’s signals were not triggered, as the price never quite reached 0.7938, and because there was no bearish price action at 0.8000.
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 0.7938 or 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 0.8058.
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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.
There is a generally medium-term bullish picture, with no real change from yesterday’s technical situation Although the price broke up past the psychological level at 0.8000, it was unable to remain above it. There is an obvious support level at 0.7983 which is still holding the price up. There is no long-term trend and I remain bullish. If the price gets above 0.8000 and stays there, that will be a very bullish sign.
There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time, followed by Crude Oil Inventories at 4pm.
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