AUD/USD Signal Update
Yesterday’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 bullish price action reversal on the H1 time frame immediately upon the next touch of the supportive trend line currently sitting at about 0.7100.
* 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 0.7271.
* 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.
* 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
This pair has behaved fairly predictably as it rejects the key resistance at 0.7245 very close to the psychologically important level of 0.7250 with an inside pin bar on the H4 chart. Every H4 candle since has been a down candle and looking at the chart below it would appear logical that the move continues downwards to the supportive trend line. This is presently confluent with a round number at 0.7100 so could provide solid support. However before the price can get there, it will have to pass this week’s open at 0.7155.
Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time. Concerning the AUD, there will be a release of Private Capital Expenditure data at 12:30am.