AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 0.7950.
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.
Protect any open trades by 6:30pm London time.
Long Trade 1
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7850.
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 0.7805.
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.
Long Trade 3
Go long following some bullish price action on the H1 time frame immediately upon the next touch of the broken bearish trend line currently sitting at around 0.7747.
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 0.7950.
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 have seen a continued fall in line with just about everything else falling against renewed strength in the USD. At the time of writing we are just touching a long-term bullish trend line that may provide support but it looks shaky so I would not look for a long here. Waiting for reversals off 0.7950 which seems to have flipped from support to resistance, and 0.7805 which should show long-term support, would seem to be better bets.
There will be a release of U.S. FOMC Meeting Minutes at 7pm London time.