AUD/USD Signal Update
Yesterday’s signals expired as the bearish price action took place above 0.6932.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered only 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 0.6827.
* 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 0.6770.
* 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 frame immediately upon the next touch of 0.6957.
* 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
Things are getting interesting as we have a double bottom below now at 0.6827 and a double top above at 0.6950 so we are in a box that we will have to break out of eventually.
The AUD has been in a very bearish state due to the Chinese and commodity problems but there are some signs that we might be due a major pause and pullback. This could be confirmed by a break up above 0.6950.
There is nothing due today concerning the AUD. Regarding the USD, there will be releases of Unemployment Claims data and the Philly Fed Manufacturing Index at 1:30pm London time.