was not triggered. Today’s AUD/USD Signals
(Click on image to enlarge) Short Trade Ideas
Long Trade Ideas
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a , an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the that occurs at the given levels. AUD/USD AnalysisI wrote in my previous on 13th August that the was looking likely to treat the support level at $0.6565 as pivotal today. I was wrong about that. I was also wrong about the price trading above $0.6611 working as a bullish sign.The price traded very close to a new record high for 2024 last week, reaching a new 8-month high. The price then dropped quite hard as the US Dollar made a comeback towards the end of the week, but we now see the price rising from the support level confluent with the major quarter-number at $0.6750.Bulls face an obstacle at the resistance level of $0.6790. If the price can trade above this and reach a new high above $0.6800, it has room to rise all the way to $0.6877. However this is unlikely to happen today as its probably going to be a quiet market due to the US public holiday today, but it might start today.The Aussie is also getting a boost from comments by the Deputy Governor of the RBA to the effect that rate cuts will not be forthcoming over the near term, which puts the RBA on a divergent path to the US Federal Reserve.I am ready to take a long trade from either a bullish bounce off $0.6751 or after two consecutive higher hourly closes above $0.6800 without either candlestick having a large upper wick.There is nothing of high importance scheduled today concerning either the AUD or the USD.More By This Author:Weekly Forex Forecast – Sunday, Sept. 1Weekly Forex Forecast – Sunday, Aug. 18BTC/USD Forex Signal: Weakly Bullish Above $60,445
