By: DailyForex.com
AUD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York and 5pm Tokyo times today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the lower trend line currently sitting at around 0.7111.
* 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7072.
* 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 entry into the zone between 0.7263 and 0.7279.
* 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
This pair is really trapped between the nearby zones of support and resistance, and has really just been bouncing between them for almost one week now.
What this means for traders is that this is probably not the best pair to playing for direction, although a breakout, especially to the long side, could have some good room to run and might also run quickly. A better play is probably going to be trading the range upon reversals at the zones.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of the Philly Fed Manufacturing Index and Unemployment Claims data at 1:30pm London time.