AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7143
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 0.7143.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7072.
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 touch of 0.7283.
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
I wrote yesterday that the AUD has some bullish signs, one of which was a flipping of resistance to support at 0.7072. Exactly the same thing has happened again, with anticipated resistance at 0.7143 turning to probable support, as the pair continues to rise strongly with a lot of trading going on.
As the USD begins to look weaker, with signs emerging that the antipodean countries are reaching the end of their dovish cycle, and the interest differential too, it might be that these currencies lead the way in any trend change against the USD that might be on the way.
There are no high-impact releases due today concerning either the AUD or the USD.