AUD/USD Signal Update
Yesterday’s signals were not triggered as the action has been taking place a little above the key anticipated resistance level of 0.6909.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time.
Long Trade 1
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6770.
* 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 within the zone between 0.6909 and 0.6927.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7000.
* 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
We have had a significant pullback against the prevailing trend which is at least partly due to some not so very terrible Chinese economic data that was released during the earlier Asian session. The price of this pair is currently trying to break up past a key resistance zone that tops at about 0.6927. A break up above this area is quite likely to see a further move up to the key psychological level of 0.7000. However if the move up fails close to the New York open without really breaking past 0.6927, this could provide a good shorting opportunity.
There is nothing due today concerning either the AUD or the USD.