AUD/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at either 0.8075 or 0.8027.
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 bouncing off 0.8000.
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 touch of 0.7950.
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 the bullish trend line currently sitting at around 0.7875.
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 4
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 some bearish price action on the H1 time frame bouncing off 0.8075.
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
Towards the end of last week the picture looked very bullish as the price broke through two resistance levels just above the psychologically key price of 0.8000. A look at the weekly chart also shows a bullish bottoming-out below 0.8000 and suggests a coming upwards move. However the move up has run out of steam. At the time of writing the price is just sitting on support at 0.8000 and whether this level breaks or holds will probably prove crucial in determining today’s dominant price direction.
There is major AUD news later during the Australian session, so the AUD might be rather flat until that time.
There will be a release of the RBA’s Monetary Policy Minutes at 2:30am London time tonight. This is likely to strongly affect the AUD.