(MENAFN- Daily Forex) Advertisement got a position to try? don't wait! trade aud/usd now The Australian Dollar is powering to new highs, boosted by higher-than-expected Australian inflation data announced earlier today.
my previous signal on 19th january was not triggered as none of the key support or resistance levels were reached that day.Today's AUD/USD Signals
Risk 0.75%
Trades
may only be entered before 5pm Tokyo time Thursday.
Short Trade Ideas
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of $0.7141 or $0.7213. Place the stop loss 1 pip above the local swing high. Move the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trade Ideas Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of $0.7085, $0.7063, or $0.6998. Place 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 price reaches 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 in my previous forecast that the aud/usd currency pair was bearish below $0.6918 but seemed unlikely to fall much further that day and that if $0.6845 was reached, it would probably hold the price up, at least for a while.
This was a good call as $0.6918 did act as a pivot point, holdingthe price down as resistance until bulls broke above the level which then triggered a more decisive upwards move. As I had suspected, the price did not even reach the key support level at $0.6845.
The technical picture now is much more bullish, and this is caused by two major factors:
Australian CPI data released earlier today showed a surprise increase to the highest annualized rate seen in 32 years , boosting the prospect of more and stronger rate hikes, which in turn makes the AUD more attractive. The persistent, long-term bearish trend in the US Dollar , which has slowed in momentum but is still happening.These factors combine to make this currency pair strongly bullish .
It is not likely that there will be any news later today that would reverse this sentiment and trend, so the directional movement upwards is likely to continue over the day , although maybe with some minor retracements.
For these reasons, I see long trades from bounces at the support levels below at $0.7085 or (especially) $0.7063 as very attractive .
There is nothing of high importance scheduled today regarding either the AUD or the USD.
Ready to trade our daily forex signals ? Here's are the best currency trading platforms in australia worth checking out.
MENAFN25012023000131011023ID1105477057
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.