AUD/USD Signal Update
Yesterday’s signals produced a profitable short trade off the rejection of the resistance at 0.7072.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered only between 8am New York time until 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 0.6992.
* 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 0.6940.
* 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 0.7159.
* 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 the zone topped at 0.7072 would probably hold and it has. It is currently sitting right at this key price and threatening to break up. There is a long-term downwards trend but the action of recent days looks very bullish and a break now up above 0.7072 would not be surprising at all.
We have printed new flipped resistance to support just below the psychologically key 0.7000 level.
Concerning the USD, there will be releases of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time. There is nothing due regarding the AUD.