AUD/USD Signal Update
Yesterday’s signals produced a losing long trade off the bullish H1 candle rejecting 0.7500.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7350.
* Place the stop loss 1 pip below the local swing low.
* Adjust 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.
Short Trade 1
* Go short after bearish price action on the H1 time frame immediately upon the next touch of 0.7600.
* Place the stop loss 1 pip above the local swing high.
* Adjust 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.
AUD/USD Analysis
This pair started to find a little support at 0.7500 yesterday, but negative sentiment has forced the pair down from there, creating a fairly strong and impulsive bearish move. It is quite possible the price will bottom out but it is hard to see any good candidate levels that stand out before 0.7350. The round number at 0.7400 is a possibility. Ahead of tomorrow’s FOMC releases, prices might be quite unstable in general.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Retail Sales and PPI data at 12:30pm London time.