AUD/USD Signal Update
Yesterday’s signals expired without being triggered.
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
Go long following some bullish price action on the H1 time frame immediately upon the first test of the broken bearish trend line currently at around 0.7885.
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
Go long following some bullish price action on the H1 time frame immediately upon the next retest of the bullish trend line currently at around 0.7744.
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 3
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7805.
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
Go short following bearish price action on the H1 time frame immediately upon the next entry into the zone between 0.8027 and 0.8073.
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
I was expecting a move up to the 0.8000 level yesterday and that is what we got, albeit without enough strength to really push up to the key level at 0.8027. It might be that we are unable to get there but if the price does pop up it could be a great place to trade a bearish reversal short. If the price is going to really get past the resistance above 0.8000, it is going to need to look stronger than this. However the current action does look more bullish than bearish overall.
There will be a release of U.S. Retail Sales data at 1:30pm London time today.