AUD/USD Signal Update
Yesterday’s signals expired without being triggered as the bearish price action took place above 0.7500.
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 0.7350.
• Place the stop loss 1 pip below the local swing low.
• Adjust 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 0.7533 and 0.7552.
• Place the stop loss 1 pip above the local swing high.
• Adjust 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 forecasted yesterday that the price was probably on its way higher and this is what happened, with the price popping up above the psychologically key 0.7500 level, before falling back later after it was dragged down by its sister currency NZD having its Base Rate cut by 0.25%. The action is still choppy, suggesting that a deeper pullback might be on its way, but the overall bias should still be to see this as the easiest Forex currency pair to trade right now, in the long direction.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.