AUD/USD Signal Update
Last Thursday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 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.
Short Trade 1
* Short entry after bearish price action on the H1 time frame immediately upon the next touch of 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
The AUD weakened last week, but found itself supported with meaningful buying twice off the 0.7000 area, which is a key psychological round number. The price is looking a little bullish, breaking up past minor resistance at around 0.7120. However we are equally far away from either of the key levels and over the past several months this pair has been ranging and not really going anywhere.
The only good opportunity I see with this pair is to fade key levels on short-term charts for fairly short-term gains.
There is nothing due today concerning the USD. Regarding the AUD, the RBA will be releasing Monetary Policy Meeting Minutes at 12:30am London time.