AUD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time to 5pm Tokyo time.
Long Trade 1
* 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.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7159.
* 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
This pair has been trying to move up as risk appetite recovers, but has not even managed to reach the next resistance level at 0.7072. For this reason I think there is likely to be a good opportunity to go short soon at an eventual failure at or very close to 0.7072. However the price may not be able to get down to the next support at 0.6907 unless the market becomes very pessimistic again.
Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time. Concerning the AUD, there will be a release of Employment Change and Unemployment Rate data at 00:30.