AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7245.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York time to 5pm Tokyo time.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.7260 and 0.7235.
* 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 touch of 0.7381.
* 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
There has been a very significant development in this pair: a new 3 month high and a strong breakout above key resistance at 0.7250. Buying is still going on and the action is suggestive that a new long-term bullish trend is getting going. As such long trades can be taken in the hope that they can be held over the long-term for good profit. The safest long trades are after pullbacks and the logical area to look for an entry will be after the price gets back to the 0.7260 area.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time followed later by ISM Non-Manufacturing PMI at 3pm. Concerning the AUD, there will be Retail Sales data at 12:30am.