AUD/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Long Trade 1
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6992.
* 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.
Long Trade 2
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6940.
* 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 following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7159.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7214.
* 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 short trades are probably going to fare better than long trades and the price has indeed been going down over recent hours but we are within a fairly choppy, directionless zone, much like most of the Forex market at the moment. The Australian data due later might give the price more direction and take us to one of the key levels.
Regarding the AUD, there will be releases of Building Approvals and Trade Balance data at 12:30am London time. There is nothing due concerning the USD.