AUD/USD Signal Update
Yesterday’s signals expired without being triggered as there was no bullish price action at either 0.7281 or 0.7250.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York until 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 0.7200.
* 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.
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 of 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 0.7250.
* 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 0.7280.
* 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
The poor economic data from China and weakening of commodities in general have hit the Australian dollar hard, and despite its recent bullishness it has sliced quite easily through all the obviously supportive levels it has reached over the past 24 hours. At the time of writing this pair is sitting heavily on 0.7200, which is both a round number and a key 50% Fib retracement, so we might expect a turn to happen here but there is little sign of that right now. If this level does not hold until the New York open then it should be disregarded.
We can assume the previous supportive levels that have been cleanly sliced will now act as resistance, so the obvious opportunity to get short again would be 0.7250.
There is nothing due today regarding the AUD or the USD.