AUD/USD Signal Update
Yesterday’s signals produced a losing short trade on a bearish inside bar break off the anticipated resistance at 0.7274.
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 0.7293.
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.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7274.
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 a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.7442.
Place 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.
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 pair was briefly held at resistance under 0.7300 yesterday before breaking out and continuing another upwards leg of movement. The AUD looks quite bullish along with its sister currency NZD. There is a swing high not far above the current price as at the time of writing at 0.7382 which may act as resistance, but the big hurdle will probably be further up at around 0.7442. This has been a pivotal area in the past.
A pull-back to just below 0.7300 should be an excellent opportunity to get long if another upwards movement begins there.
There are no high-impact releases due today concerning the AUD. Regarding the USD, there will be releases of CPI and Unemployment Claims data at 1:30pm London time, followed by the Philly Fed Manufacturing Index at 3pm.