AUD/USD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s AUD/USD Signals
Risk 0.75%
Trades may be taken from 8am New York time until 5pm Tokyo time only.
Long Trade 1
* Long entry following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6992.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
* Long entry following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6940.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7159.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7214.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
AUD/USD Analysis
This pair has been fairly quiet over recent days as we await some key news due later today regarding the AUD from the RBA. In the meantime we have rubbed away at the minor support which looked to have formed at around 0.7080 and for now I do not see any good levels very close by, at least not between 0.6992 and 0.7159. It is possible that the high impact news due later could spike the price up or down to one of these levels from which it may then reverse. Although the AUD has looked quite bullish lately, I think it is going to be difficult to break up past the 0.7200 area so I think a short off a rejection of 0.7159 or even 0.7214 would probably be the best trades that could be found here.
Concerning the USD, there will be a release of ISM Manufacturing data at 3pm London time. Regarding the AUD, there will be a release of the RBA Cash Rate and Rate Statement at 3:30am.