AUD/USD Forex Signal

Yesterday’s signals were not triggered, as the bullish price action took place below 0.7559.

Today’s AUD/USD Signals

Risk 0.50%.

Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period.

Long Trade

  • Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7510.

  • Put the stop loss 1 pip below the local swing low.

  • Move 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 Trades

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7580 or 0.7641.

  • 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 wrote yesterday that I had a mildly bullish bias until the FOMC release. This worked out OK as the price did continue to move up until that release before falling as the U.S. Dollar initially advanced before giving up its gains.

This pair is now in an interesting position that is worth taking note of.

no short-term directional bias today, but I would be more comfortable taking a long trade from a bounce at 0.7559 than a short trade from 0.7641. This turned out to be a good call, as the price moved down over the first 24 hours before turning bullish at the support level of 0.7559, from where it has been rising over the past few hours. If this trade was missed, it might be possible to get in later at the same level if the price dips to 0.7559 and bounces again with the low essentially intact. It looks like it is going to be good support and I have a mildly bullish bias until the FOMC releases due later today, which could push the U.S. Dollar anywhere and completely override any technical analysis that can be made here.

It is worth noting that the Australian Dollar is becoming the next strongest currency after the U.S. Dollar.

AUDUSD

There is nothing due concerning the AUD. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time.

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