AUD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am 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 0.7850.
• Put 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.
• Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
• Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7805.
• Put 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.
• Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
• Short entry following some bearish price action on the H1 time frame bouncing off 0.7950.
• 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
Although this pair might be bottoming out now, we have messed around with that supportive trend line too much for my liking, so with the erasure of that the next strong support should be at around 0.7850. There are some signs that the USD may start to fall now which should drive this pair up but the AUD really does not look particularly strong so there will probably be a more interesting pair to trade if that is what happens next, for example GBP/USD.
There will be a release of U.S. Unemployment Claims data at 1:30pm London time, followed by the Philly Fed Manufacturing Index at 3pm.