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
-
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7740 or 0.7695.
-
Place the stop loss 1 pip below the local swing low.
-
Adjust the stop loss to break even once the trade is 20 pips in profit.
-
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
-
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7804.
-
Place the stop loss 1 pip above the local swing high.
-
Adjust the stop loss to break even once the trade is 20 pips in profit.
-
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.
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
The other terminal rate: How far will policy rates be cut?
Recent communication by the Federal Reserve and the ECB has made it clear that the first cut in official interest rates is coming. Both central banks are saying the same but the ECB communication is more opaque than that of the Fed.