AUD/USD Signal Update
Yesterday’s signals produced a long trade right at the end of the Asian session following the bullish hourly pin bar rejection of the identified support level at 0.7072. At the time of writing this trade is up about 20 pips.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 9am New York time and 5pm Tokyo time today only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7005.
* 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.
* 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
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7163.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7218.
* 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
The bearish channel has continued to contain this pair, offering great opportunities for trading technically off the bearish trend line and horizontal support and resistance levels.
The pair has just found support off the 0.7072 level which held more or less to the pip.
I do not want to use that level or the bearish trend line again today, preferring to focus on the higher and lower levels beyond that the USD news may spike the price up or down to.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of CPI data at 1:30pm London time.