AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered before 5pm Tokyo time today only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7300.
* 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 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7250.
* 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 touch of 0.7380 if it is confluent at that time with the nearby trend line.
* 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
It had looked yesterday as if the 0.7300 level would halt the strong upwards move that took place, but instead the price again broke past the resistance and reached a high of 0.7340.
It is now likely that the level at 0.7300 will have flipped from resistance to good support.
If the US data due over the next few days disappoints, we can expect a further strong upwards move in this pair.
Watch out for an exhaustion and profit taking by bulls if we hit the trend line at about 0.7380.
Regarding the AUD, there will be a release of Trade Balance data at 12:30am London time. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm. Later at 5:25pm the Chair of the Fed will be speaking.