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 taken from 8am New York time to 5pm Tokyo time, during 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 0.7840 or 0.7790.
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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 0.7935.
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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.
AUD/USD Analysis
I wrote yesterday that the picture looked considerably more bullish, with new support established at a recent swing high around 0.7840. I took a bullish bias on this pair which is broadly OK although the price has not really risen over the past day. The technical picture is unchanged, and the overall situation still looks bullish, with minor support at 0.7860 continuing to hold and another higher high being made yesterday, both of which are bullish signs. I maintain my bullish bias and there is nothing preventing the price from continuing up to rise as high at 0.7935 soon.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of CPI data at 12:30pm London time.
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