AUD/USD Signal Update
Yesterday’s signals expired without being triggered as there was no bearish price action between 0.8027 and 0.8075.
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 0.8075.
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 0.8027.
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
AUD/USD Analysis
Yesterday I thought that while the overall picture looked bullish, a serious breakout past the resistance above 0.8000 was going to need a little more time to cook before it happened. I was completely wrong, in fact the price broke up past these resistance levels very strongly and cleanly, and I judge these levels to now be supportive. Additionally, there is a flipped level at 0.7950. So there is plenty of support below.
Things look very bullish, as does almost everything against the USD right now, so the question now is how high and far does it go. I do not see any serious obstacles before 0.8294.
There will probably be a pullback quite soon to near support: any bullish bounces here should be good opportunities to get long.
There will be a release of U.S. PPI and Unemployment Claims data at 1:30pm London time today.