AUD/USD Signal Update
Yesterday’s signals were not triggered as the bullish price action took place below the anticipated support level at 0.6957.
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.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.7048 and 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
I wrote yesterday that if the support at 0.6957 holds, the pullback will continue and we may then break up past the zone and reach 0.7150. I was wrong about the exact price of the level, as looking at the chart now it seems this support was actually centred on 0.6940. If the price can now hold up above this level, it will be a bullish sign for this pair, although the resistance at around 0.7050 does look formidable.
As we have just had a move up from 0.6940 I am not looking for a long there again yet.
Concerning the AUD, there will be a release of CPI data at 00:30 tonight London time. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm.