AUD/USD Signal Update
Yesterday’s signals produced a long trade following the engulfing candle rejecting the anticipated support level of 0.7300. The trade is still in profit and can be allowed to run.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York time until 5pm Tokyo time.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7250 or 0.7200.
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 0.7412.
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
I wrote yesterday that the price was approaching a zone that was very supportive the last time the price was there. The zone stretches from 0.7300 downwards with good support at each round and half number.
It seems as if we had a bounce right at 0.7300 to the pip that may now be bullishly impulsive, giving a nice long trade entry.
It remains to be seen whether this is a real reversal or whether it will be held by resistance at or below the 0.7400 area.
There are no high-impact events due today concerning either the AUD or the USD.