AUD/USD Signal Update
Last Thursday’s signals expired without being triggered.
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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6906.
Put the stop loss 1 pip below the local swing low.
Move 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 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7059.
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
Neither of the closest major levels have been tested since my last forecast. AUD has become weaker but in the last few hours it seems that this pair may have made a supportive double bottom at 0.6940. There seems to be local resistance at around 0.7035. It will probably be wiser to wait for a test of either 0.6907 or 0.7059 before taking any trade.
Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time. Regarding the AUD, there will be a release of Building Approvals data at 2:30am.