AUD/USD Signal Update
Yesterday’s signals will have produced a long trade entry not far from the current price, which is sitting in profit as at the time of writing.
Today’s AUD/USD Signals
Risk 0.75%
Trades must 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 0.7569.
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
Go short following a very strong bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7672.
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
AUD/USD Analysis
It is important to note that during the USD’s strong performance over the past 24 hours, there is no currency that held up as well against it as the AUD, which is a bullish sign for this pair. Furthermore, we remain within the bullish channel, and key support levels are holding intact. We just had another hold during the Asian session earlier at 0.7623. The cloud on the bullish horizon is the new key level that has formed at 0.7672 and at the time of writing this is capping the price even though the action is quite suggestive of a move higher. A failure to get beyond this level will probably foreshadow a new push down to key support, so it might provide a short trade. However overall, the long-term picture is bullish. If the U.S. data due later is weak, we will probably get at least a fairly strong upwards move.
There is nothing due today regarding the AUD. Concerning the USD, there will be releases of CPI and Unemployment Claims data at 1:30pm London time.