AUD/USD Signal Update
Yesterday’s signals might have produced a long trade during the late Asian session if you were not being too fussy with the exact prices or candle formations, as support was found at about 0.7316. At the time of writing such a trade would be in profit.
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.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7442.
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.
Short Trade 2
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7476.
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.
Long Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7250.
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 have been expecting a weakening or perhaps even a reversal of the downwards trend and so it is worth looking for opportunities in both directions. The late Asian session saw the pair fall quite strongly due to the disappointing Australian sentiment data before finding support close to the anticipated support level of 0.7316 that I had highlighted. At the time of writing the price seems to be moving up from there so there is arguably a long opportunity even now. Note also that the high was made very close to my anticipated resistance of 0.7442 but this level could be interesting again for a possible short trade quite soon.
There is nothing due today regarding either the AUD or the USD