AUD/USD Signal Update
Yesterday’s signals provided a key support level that was just 2 pips below the low of the day. Taking a long trade here would have netted an extremely profitable trade as the price shot up later.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be made from 8am New York to 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 0.7270.
* 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 entry into the zone between 0.7250 and 0.7240.
* 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
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone to touch of 0.7380
* 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.
* 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 Australian dollar got a bit lift during the previous Asian session when Australian employment data came in and far surpassed expectations. The pair then shot up before falling back. As London opened this morning it was sitting just below 0.7300 but could not make any highs above that, which is a sign that the AUD sentiment may have run its course, at least initially. However there is potential support not far below that might provide a bullish turn, at both 0.7270 and 0.7250.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.