AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action when the price reached 0.7300.
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 0.7250.
* 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 entry into the zone between 0.7170 and 0.7150.
* 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 the trend line currently sitting at around 0.7365.
* 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.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7442.
* 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
After its quite strongly bullish move, this pair has been taking a rest over the past day. However the price action still suggests bullishness. The structure shown in the chart below is a little strange because we have a resistant trend line in a kind of bullish channel but we have no defined mobile support for this channel! However there are several horizontal levels that look good. The level at 0.7300 is no longer valid so the nearest strong level looks to be the key number of 0.7250.
(image0103122015audusd)
Regarding the AUD, there will be a release of Retail Sales data at 12:30am London time, Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm followed by ISM Non-Manufacturing PMI and testimony from the Chair of the Federal Reserve.