AUD/USD Signal Update
Yesterday’s signals produced a profitable long trade off the bullish inside candle on the hourly chart rejecting the given support level at 0.6992.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am New York time and 5pm Tokyo time.
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 1
* 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 after bearish price action on the H1 time frame following a touch of the broken bullish trend line which currently sits at around 0.7245.
* 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
I wrote yesterday that this pair would probably find it tough to break down past the support levels shown below (i.e. 0.6992) and so it proved to be, with a surprisingly powerful bullish rally.
However this pair, both over the short-term and the long-term, is really just ranging and not getting anywhere, so there are probably much better trading opportunities elsewhere, especially as we are now close to the halfway point between the two nearest key levels..
There is nothing due today concerning the AUD. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by Crude Oil Inventories at 3:30pm.