AUD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Long Trade 1
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of the supportive trend line currently sitting at around 0.6927.
* 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.
Long Trade 2
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6907.
* 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 0.7072.
* 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
At the time of writing we are getting a bit of a recovery in stocks and risk sentiment generally – and so this pair is slowly starting to look just a little bullish, as we are remaining above the supportive trend line and the horizontal support level below that, with the price action suggesting a move up next to the probable resistance at 0.7072. As the downwards trend is probably not over yet, this is likely to be an excellent place at which to seek a new short trade on any bearish reversal.
There is nothing due today regarding the USD or the AUD.