AUD/USD Signal Update
Yesterday’s signals were not triggered and expired.
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 the broken upper wedge trend line currently sitting at around 0.7145.
* 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 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 entry into the zone between 0.7263 and 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
This pair tried to rise yesterday but found itself unable to break above the psychological level at 0.7250 and now seems to have turned around, falling again. There may be minor support at 0.7200 and again at 0.7160. It is doubtful we will get below those levels any time soon.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time.