AUD/USD Forex Signal - Tuesday, June 13

Yesterday’s signals were not triggered as none of the key levels were ever reached.

Today’s AUD/USD Signals

Risk 0.50%.

Trades must be entered from 8am New York time to 5pm Tokyo time, over the next 24-hour period only.

Short Trade 1

Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7625.

Put 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.

Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

Long Trades

Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7517 or 0.7498.

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.

Take off 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 was correct to foresee a further rise in the price yesterday, but the price has sold-off in recent hours, forming a double top at the recent high price. Support levels are completely intact, and the overall picture is bullish, and this will not change unless there is a sustained break below the supportive area centred on the major psychological number of 0.7500.