AUD/USD Signal Update
Last Thursday’s signals expired without being triggered as the price did not reach 0.7045 before it exceeded 0.7068.
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 0.7072.
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 0.7005.
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 touch of 0.7143.
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 RBA released their monthly Rate Statement this morning and the market received it bullishly. The AUD is the fastest-rising currency this month, and a further bullish sign has been that the previous resistance at 0.7072 has now been “flipped” to support.
This is quite a good pair to trade at the moment, as it is active and receiving a lot of speculative interest. As the pair is in the midst of a long-term downwards trend, but showing bullish momentum, it is probably a good idea to take both long and short trades, and there are several key levels nearby to watch out for.
Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by ISM Manufacturing PMI at 3pm. Regarding the AUD, there is nothing further due today.