AUD/USD Signal Update
Yesterday’s signals expired without being triggered as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York and 5pm Tokyo times today only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the broken upper wedge trend line currently sitting at around 0.7160.
* 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
We finally broke up bullishly out of the wedge that had been containing the price very predictably for the past two weeks. We have just reached minor resistance at around the psychologically key 0.7250 area, from which the price may now fall. If it continues up to the resistant zone that begins at 0.7263, that would probably give a great short opportunity. Below, we might get a bullish bounce off the trend line, although the round number at 0.7200 may be supportive first.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Final GDP data at 1:30pm London time.