AUD/USD Signal Update
Yesterday’s signals produced a losing short trade following a bearish pin bar rejecting the resistance at 0.7175.
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 0.6992.
* Place 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.
* Place 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
The level I identified yesterday at 0.7175 has kind of held but although I still draw the line there albeit a little higher up, I don’t want to take any trades there anymore.
The pair continues to grind away with a bullish bias. The big question is whether the price can really move up and challenge the very strong resistance levels that sit between the psychological number of 0.7250 and 0.7384.
There is nothing due today concerning the AUD. Regarding the USD, there will be releases of the Philly Fed Manufacturing Index and Unemployment Claims data at 1:30pm London time, followed later by Crude Oil Inventories at 4pm.