AUD/USD Signal Update
Yesterday’s signals may have produced a losing long trade off the lower triangle trend line following a bullish engulfing candle on the hourly chart rejecting that line.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be made before 5pm New York time only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.
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 0.7166.
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 3
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7143.
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 very definite reversal off the nearest broken trend line currently sitting at about 0.7265.
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
I thought yesterday that the weaker side of the consolidating triangle was the lower trend line, and so it proved to be, as the price broke down strongly past it, and now sits very close to anticipated support at 0.7200. A bullish reversal here could provide a nice opportunity for a profitable long trade. There are also a couple of support levels not far below that where possible bullish reversals may occur if the price does continue to fall.
There are no high-impact releases due today concerning the AUD or the USD.