AUD/USD Signal Update
Yesterday’s signals produced a short trade at 0.7442 of a bearish pin bar on the hourly chart. It would have been a losing trade.
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.
AUD/USD Analysis
It can be seen from the chart below that in recent days we have had an expanding range. This pair has recently made a 6 year low so despite the strong upwards movements and doubts about the USD, it might be unwise to rule out trend trading this pair short. We have wiped out one resistance level but there are a few levels above that still intact.
If the price is unable to really break down below 0.7250 over the next two or three weeks, the downwards trend starts to look doubtful.
There is nothing due today regarding the AUD. Concerning the USD, there will be releases of Retail Sales and Unemployment Claims data at 1:30pm London time