AUD/USD Signal Update
Yesterday’s signals expired without being triggered as the price never quite reached 0.7200.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7166.
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.
Long Trade 3
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7143.
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 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 0.7272.
Put 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.
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
Yesterday I saw 0.7200 as likely to be supportive and the price has indeed found it tough to really get below this level and stay there for very long, so it seems we could see a turnaround. It looks as if the short-term line of least resistance should be upwards today. The best bet should be to wait for a stab below 0.7200 which is strongly rejected. Before the broken trend line, there is likely to be resistance at 0.7235.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.