AUD/USD Signal Update
Last Thursday’s signals were not triggered as we did not get appropriate price action last Thursday when the resistance zone.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 8am Tokyo time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.
* 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 0.7280.
* 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 broke out bullishly of a bearish channel early last week, and seems to have been unable to break up past the previous double top at 0.7279, which I had identified as the upper band of a resistance zone. It looks like this zone is providing the bearish turn now, and we might see the price reach 0.7200, which could give another long opportunity.
The long-term picture is mixed for this pair, as it really needs to rise by a cent or two before we can start saying there is a new long-term bullish trend. It is caught in a range, neither bullish nor bearish. As such this can be a good pair to trade technically in the meantime, and it certainly has been behaving technically lately.
There is nothing due today concerning the AUD or the USD.