Yesterday’s signals were not triggered, as there was no bearish price action at 0.7544.
Today’s AUD/USD Signals
Risk 0.50%.
Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Long Trades
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Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7589, 0.7573, or 0.7544.
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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 0.7621.
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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 wrote yesterday that I had no directional bias as the technical picture was flat, ranging, and uncertain, with relatively slow and choppy price movement which could make trading this pair frustrating. However, the last day has seen a strong, bullish directional movement, with the price reaching multi-day highs. The long-term picture is still choppy however, so I prefer not to trade this pair. I have no directional bias beyond noting that the resistance level above at 0.7621 might be strong.
There is nothing due today concerning either the AUD or the USD.
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