AUD/USD Signal Update
Last Thursday’s signals were not triggered, but accurately provided an area for a short entry off the rejection of 0.7072.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time today.
Long Trade 2
* Long entry following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6907.
* 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 0.7072.
* 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
We have had a recovery in this pair with a bounce off a long-term trend line that coincides with a recovery in stocks and risk sentiment generally – although the downwards trend is probably still not over yet. As we have just bounced off that trend line, I would look to the horizontal level below that at 0.6907 as the next probable strong support. For resistance, 0.7072 remains interesting above.
There is nothing due today regarding the USD or the AUD.