Pivot point for today should be 0.7083.

My last signal of the 27^and April produced a long profitable trade from the bullish bar which rejected the support level I had identified at 0.7082.

AUD/USD Signals Today

Risk 0.75%

Transactions can only be entered before 5 p.m. Tokyo time on Wednesday.

• Go short after a reversal of bearish price action on the H1 time frame immediately after the next touch of 0.7183.
• Place the stop loss 1 pip above the local swing high.
• Move the stop loss to break even once the trade has reached 20 pips of profit.
• Withdraw 50% of the position as profit when the price reaches 20 pips of profit and let the rest of the position roll.

Long Business Ideas

• Go long after a bullish reversal in price action on the H1 time frame immediately after the next touch of 0.7082 or 0.7006.
• Place the stop loss 1 pip below the local swing low.
• Move the stop loss to break even once the trade has reached 20 pips of profit.
• Withdraw 50% of the position as profit when the price reaches 20 pips of profit and let the rest of the position roll.

The best method to identify a classic “price action reversal” is to close an hourly candle, such as a pinbar, doji, outside, or even just an engulfing candle with a higher close. You can exploit these levels or zones by observing the price action that occurs at the given levels.

AUD/USD Analysis

I wrote in my previous article about this currency pair on the 27th^and April that the price was still making lower lows and higher highs, suggesting that the medium-term downtrend was still in effect.

Therefore, I was looking for a bearish reversal at 0.7235, which would present an attractive entry point for short positions.

I was right on the main direction for the day as price fell during the day and hit the support level I had identified at 0.7082 shortly before the Tokyo close but price gave a nice long-term trade from this level when it was hit, signaling an intention to move higher with a bullish pin bar on the hourly chart.

The price is now back to where it was a week ago. The RBA just announced a 0.25% rate hike that some analysts had expected, but which surprised many who were expecting a hike of just 0.15%. This caused a short-term bullish price spike of around 1%, but it quickly ended within 45 minutes.the price rising towards its consolidation zone just above the nearest support level at 0.7082.

It seems clear that this support level at 0.7082 is going to be the pivot point for today. The price is clearly in a long-term downtrend, so the highest probability pattern that could emerge today would likely be a short trade entry after price settles below 0.7082. This would likely trigger a further drop to the 0.7006 area, which could be strong long-term support.

On the other hand, if 0.7082 acts as support, we will likely see the price rise in the short term.

As for the USD, there will be a release of JOLTS Job Openings data at 3pm London time. There is nothing major due today on the AUD.