AUD/USD Signal Update
Last Thursday’s signals were not triggered as there was no fast bounce off 0.7738, although that level did act as support for several hours.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 0.7668 or 0.7630.
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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7733 or 0.7767.
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.
Remove 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 were some bearish developments taking place since last Thursday. We have broken down past a major supportive trend line, and created new zones of support flipping to resistance. The impulsive movement now is clearly downwards. However, there is a long-term bullish trend, so if and when sentiment turns bearish on the U.S. Dollar again we can expect this pair to rise. There are some crucial support levels below as well as another bullish trend line that could provide good launching pads for bullish turns.
There is nothing due today regarding either the AUD or the USD.