AUD/USD Signal Update
Yesterday’s signals were not triggered as the bullish bounce did not occur until the price had got below 0.7250.
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
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7355.
Put the stop loss 1 pip above the local swing high.
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.
Short Trade 2
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7442.
Put the stop loss 1 pip above the local swing high.
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.
Short Trade 3
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7476.
Put the stop loss 1 pip above the local swing high.
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
During the late Asian session the price fell sharply to levels below the key 0.7250 price and then it rallied quite sharply and is now approaching some previous support at 0.7316, although I no longer expect this to be an especially crucial level. With the pair in a long-term downwards trend, shorts could become attractive starting at around 0.7350.
There is nothing due today regarding either the AUD or the USD.