AUD/USD Signal Update
Yesterday’s signals were not triggered as although the price did reach 0.7725, it fell right through without printing any bullish price action on the hourly time frame.
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
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7650.
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.
Long Trade 2
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 0.7570.
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 1
Short entry following some bearish price action on the H1 time frame immediately upon the next retest of the bearish trend line currently sitting at around 0.7716.
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
We can get rid of the old higher trend line which has been violated and invalidated, and draw a new somewhat tentative trend line connecting the swing highs. We can also do the same with the lows, to form a consolidating triangle. The lower trend line is somewhat more valid as it has had what can be more properly described as two subsequent touches that held. Within the triangle there is a probable flipped supportive level confluent with the half number at 0.7650. There is some weakness in the AUD and strength in the USD so it seems likely we will reach 0.7650 before breaking the upper trend line.
There are no more high-impact events scheduled today concerning either the USD or the AUD.