AUD/USD Signal Update
Yesterday’s signals may have produced a profitable long trade following the bullish near-doji that appeared on the hourly chart in the supportive zone from 0.7172 to 0.7150.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken 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 0.7150.
* 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 the lower channel trend line currently sitting at 0.7123.
* 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 3
* 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 the bearish trend line currently sitting at around 0.7239.
* 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.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone from 0.7263 to 0.7279.
* 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
The FOMC Statement tonight is probably going to create a lot of volatility so trading reversals is dangerous but potentially very rewarding. The AUD has been weak recently as the Chinese and commodities slowdown weights quite heavily upon the Australian economy which otherwise is actually showing some bullish signs. The AUD has also been relatively speaking one of the stronger currencies against the USD. However due to its recent weakness if the FOMC goes ahead and raises rates as expected, the price of this pair is likely to fall quite sharply.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by the FOMC at 7pm.