AUD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7125 but be sure it is a high-quality set-up.
* 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 after bearish price action on the H1 time frame immediately upon the next entry into the zone between 0.7245 and 0.7300.
* 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 this pair was looking a little bullish but not really going anywhere. This situation persists as it continues to grind upwards slowly. There is a new development – we have quite clear probable support not far below now at 0.7125 which might be exploitable, but do so carefully.
Above us, there is a strong and very psychological area of probable resistance that should begin at around 0.7250. A strong move up into that area followed by a fast failure could be a really excellent opportunity to get short for long-term traders.
There is nothing due today concerning either the USD or the AUD.