AUD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be made 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 touch of 0.7500.
* 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
This looks like a good pair to be long of and to hold your trade and hope that it runs, as the price breaks out to a new 7 month ago. We have had a pull back during the Asian session which was probably exacerbated by the very poor Chinese trade data that was released earlier. It will not be surprising if support kicks in before the price falls back to 0.7350 but that is the obvious level to look out for. There should be quite a lot of resistance above beginning at the key psychological number of 0.7500.
There is nothing due today concerning either the AUD or the USD.