AUD / USD: Will 0.7000 see the end of this bullish run?
Yesterday’s signals was not triggered as there was no bullish price measure of 0.6774.
Today’s AUD / USD signals
Trades are to be entered from 8am New York time Wednesday to 5pm Tokyo time Thursday.
Long trade ideas
Long entry after bullish price trading on the H1 timeframe immediately after the next touch of 0.6868 or 0.6774.
Set stop loss 1 beep below the local turn low.
Move the stop loss to break when the trade is 20 pips in profit.
Deduct 50% of the position as profit when the trade is 20 pips in profit and let the rest of the position run.
The best way to identify a classic “price change” is to close an hour’s candle, e.g. A pin, a doji, an exterior or even just a glowing light with a higher closure. You can take advantage of these levels or zones by looking at price action that occur at the given levels.
AUD / USD analysis
I wrote yesterday that I would definitely not take any short trade here today, but would instead look for buying significant dips in intraday trading after New York opens. The price is unlikely to go back to the nearest support level of 0.6774, but if it did and made a bullish rejection, it would probably be a good opportunity to enter into a long trade.
This was a big call as the price rose sharply during the day yesterday, so even if the price never went back to 0.6774, buying dips on an intraday trading basis would have been a pretty profitable approach.
It may be that we saw bullish exhaustion play out yesterday, with the price making an obvious high of around 0.6950. This demonstration is undoubtedly too extended a deeper bearish bearish may be the next move. This would be supported by the fact that the price has come close to 0.7000, which is an extremely important psychological level that is likely to trigger profits for holders of long positions.
I’m prepared to take a long trade from a bounce of 0.6868, but if the price is set below this level, it may fall further quickly.
If the price reaches 0.7000 later today, it is very likely that there will be a strong bearish reaction as soon as it happens, so this can be a great short scalp to approx. 10 or 20 pips for any scalpers watching this pair.There is nothing of great importance today due to AUD. For USD, ADP Non-Farm Employment Change will be released at 13:15 London time followed by ISM Non-Manufacturing PMI data at 15.00.