AUD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7759, 0.7738 or 0.7623.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7860.
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 becoming increasingly clear that the price is having great trouble in getting above 0.7820 and staying there for any length of time, so the action is becoming increasingly suggestive of a deeper pullback. However there are plenty of bullish trend lines as well as two key horizontal levels below that are quite likely to be supportive, so any kind of pullback will quite probably just give a better opportunity to get long as the pair remains in a strongly bullish long-term trend.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.