AUD/USD Signal Update
Last Thursday’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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7398.
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 run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7551.
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 run.
AUD/USD Analysis
The overview must be bullish, as we have very recently had a breakout to new multi-month highs, to prices which are very clearly above a fairly long-term base area.
As the USD has been strong over recent days, we have had a pullback from the highs. However we look to have made a major low last Thursday which has held to date, and in fact has been augmented by another key higher low that so far is producing a bullish move. If this structure holds, it will suggest that we are well-positioned for another bullish move now.
There is nothing due today concerning either the AUD or the USD. It is a public holiday in Australia.