AUD/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York until 5pm Tokyo times today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7250.
* 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
We have had a bullish move in the AUD, with the RBA holding steady and some better-than expected Australian economic data coinciding with a USD selloff across the board.
The rise was halted at the anticipated resistance level of 0.7293 and another failure there with bearish price action should be a good short trade signal.
Below, the key psychological number at 0.7250 should prove to be supportive when it is next tested.
Regarding the AUD, at 11:30pm London time the Governor of the RBA will be speaking, followed at 12:30am by a release of Australian GDP data. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm.