AUD/USD Signal Update
Yesterday’s signals expired without being triggered.
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 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
This pair fell very sharply from 0.7050 after failing to reach 0.7072. The AUD is very sensitive to risk sentiment and as stocks tumbled again late yesterday, the AUD fell sharply.
We are now at a very interesting confluence of a multi-year low at 0.6907 and a fairly long-term supportive (although descending) trend line. If risk sentiment improves this could hold as a major low so if you are playing very long odds you might wish to look for a long trade here.
It is hard to see from the chart any resistance levels before the zone from about 0.7050 to 0.7072.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims at 1:30pm London time.