AUD/USD Signal Update
Last Thursday’s signals were not triggered and expired.
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 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.
* 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 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
We saw some fairly strong buying here which began on Friday and has continued as this week opens.
The price is now threatening the round number at 0.7200 which is confluent with a long-term bearish trend.
Above that there is key resistance at around 0.7250.
The price action looks bullish but this pair has been chopping around for several months, so I cannot see a good long entry here, I think instead that a short from a strong rejection of the trend line or at 0.7250 will be the next logical trade.
There is nothing due today concerning either the AUD or the USD.