AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish action at 0.7568.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only 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 0.7512.
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 0.7642.
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
The technical picture has become complicated, with 0.7568 flipping from support to become resistance, and it may now have flipped back to become support. It is also quite confluent with two supportive trend lines. However by the time this piece is published, this may all have broken down, which would be a bearish sign. That would then leave 0.7512 as a possibly supportive level.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. There is nothing due today concerning the AUD.