UD/USD: Key resistance level at 0.6579
Yesterday’s signals were not triggered, as there was no bearish price action when any of the resistance levels were reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am new york time Tuesday and 5pm Tokyo time Wednesday.
Short Trade Idea
- Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6579.
- 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.
Long Trade Ideas
- Go long following bullish price action on the H1 time frame immediately upon the next touch of 0.6515.
- 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.
The best method to spot a classic “price action reversal” is for an hourly candle to shut , like a pin bar, a doji, an outdoor or maybe just an engulfing candle with a better close. you’ll exploit these levels or zones by watching the worth action that happens at the given levels.
AUD/USD Analysis
I wrote yesterday that although the technical picture had become more bearish thanks to the symmetrical bearish price channel, i used to be still prepared to require trades from reversals at any line or horizontal level.
This was a minimum of enough to stay out of trouble, but no such trades found out . Instead, we saw the worth begin a robust bullish move that produced a smooth and firm bullish breakout above the worth channel, and therefore the printing of latest support at 0.6515.
We may see the resistance at 0.6579 hold if it is reached, at least for a while, but overall things here look bullish, in line with the medium to long-term bullish trend.
I will take a bullish bias today if we get a retracement to 0.6515 and a bullish bounce from that level.
There is nothing of high importance due today concerning the AUD. Regarding the USD, the Chair of the Federal Reserve System are going to be testifying before the Senate at 3pm London time.
