AUD/USD Signal Update
Last Monday’s signals expired without being triggered.
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 bullish price action on the H1 time frame immediately upon the next test 0.7647.
Place 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.
Short Trade 2
Go short following some bearish price action on the H1 time frame immediately upon the next test of 0.7800.
Place 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.
AUD/USD Analysis
This pair finally broke out of its range with the stronger than expected Australian economic data early this morning. The bearish trend line has been broken and the price is hovering just above it. Therefore the picture currently looks bullish. However not far above that there is the established flipping level confluent with a whole number at 0.7800 that could be a good catalyst for a short, as it was before.
There has been a flipped level below that should provide support at 0.7647, or just before reaching that at the .50 level perhaps.
There are high-impact events scheduled today concerning the USD but not the AUD. At 1:30pm London time there will be a release of Building Permits and Unemployment Claims data, followed later at 3pm by the Philly Fed Manufacturing Index.