AUD/USD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were reached.
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 the bearish trend line currently sitting at around 0.7347.
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 0.7442.
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.
AUD/USD Analysis
The Asian-led market turbulence and stock sell-off has pushed this pair down. Although the USD is fairly weak right now, the AUD is just about the weakest currency out there at present. However this London open has given a bit of a bounce-back so far in the AUD and this is not so surprising as we do have a supportive level at 0.7233 which was hit earlier. You can even just about call it a potential triple bottom.
The pair was slowly falling off last week and as can be seen in the chart below, this helped to create a strong but relatively short-term bearish trend line giving a nice place to seek a short entry on a pull-back. Above that is older key resistance intact at 0.7442.
It might be a little late to get long so the next opportunity is likely to be a short at a retest of that bearish trend line above.
There is nothing due today concerning either the AUD or the USD.