AUD/USD Signal Update
Yesterday’s signals expired without being triggered as the price did not reach 0.7280 during Tokyo hours.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am New York time and 5pm Tokyo time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.
* 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 0.7280.
* 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 remains stuck in the middle, long-term bearish and short-term bullish, with no immediate direction. It is respecting technical boundaries and as such does offer some opportunities. For about two weeks, the price has been trying and failing to break up above resistance at 0.7280. If it does manage a real break up above this level, there is a good chance it might rise quickly up to at least 0.7340 or so. If it fails again, a move down to the round number of 0.7200 is more likely. The price right now is close to the pivotal point of 0.7280.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.