AUD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the supportive zone between 0.7169 and 0.7150.
* 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.
* 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
* 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.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7293.
* 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.
* 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
Unfortunately the price did not dip again to the area between 0.7169 and 0.7150, but the chart below is showing some nice bullish action with the price going higher after retesting the former resistance there. Although the USD is fairly strong now, this pair is technically looking bullish at least over the medium to short term.
The level at 0.7250 which is a key number psychologically was a previous swing high so there might be resistance there which could be significant. Beyond that the area close to 0.7300 should be an attractive area in which to find a short trade.
Regarding the AUD, there are no high-impact news releases scheduled today. Concerning the USD, there will a release of Preliminary GDP data at 1:30pm followed by CB Consumer Confidence at 3pm.