AUD/USD Signal Update
Last Tuesday’s signals were not triggered as the bullish price action did not start until the price was already below 0.7073.
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.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6906.
Place the stop loss 1 pip below the local swing low.
Adjust 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
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7059.
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 was surprised to see the USD strengthen last Tuesday quite a lot against both the AUD and the NZD. This move saw the support I expected would hold at 0.7073 break and flip to new resistance at 0.7059.
It is hard to identify really good support below but be careful of a potential double bottom at the previous swing low of 0.6906.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims at 1:30pm London time. The Chair of the Federal Reserve will be speaking at 10pm.