AUD/USD Signal Update
Last Wednesday’s signals were not triggered as the price never quite reached the support level identified at 0.7300.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7309 or 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
The AUD has been very bearish in recent days, in fact probably the weakest currency of all over the short-term, and the USD has been strong. The previous support at about 0.7300 broke down and is now acting as resistance.
However the price opened just below the anticipated support at 0.7250 for this week and has been proceeding upwards ever since. If the price can now get established above 0.7309 that will be a bullish sign.
Concerning the AUD, there will be a release by the RBA of their Monetary Policy Meeting Minutes at 2:30am London time. There is nothing due regarding the USD.