AUD/USD Signal Update
Yesterday’s signals expired without being triggered as there was no bearish price action at either of the key levels when they were hit. The price just kept on going up.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am London time and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
• Go long following some bearish price action on the H1 time frame immediately upon the next test of the bullish trend line currently sitting at around 0.7600.
• Put 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.
• Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
AUD/USD Analysis
The bad news for USD bulls that was released by the FOMC yesterday sent this pair soaring upwards, past two anticipated resistance levels. However the price finally did turn around at a logical point: a long term trend line confluent with a double top at 0.7844. The price turned around there and has been falling sharply in line with the longer-term trend. Due to this sharp move we are too far away from any obvious shorting levels. However, there has been a bullish lower high below which gives us the bottom of a consolidating triangle. This trend line is confluent with a whole number at 0.7600 and if we reach it today after this long fall, it will be a very logical place for a bullish bounce to occur.
There are no high-impact events scheduled today concerning the AUD. Regarding the USD, at 2pm London time there will be a release of Philly Fed Manufacturing Index data which may affect the USD.