AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 0.7309.
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 Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7309 or either of the bearish trend lines sitting above that at about 0.7340 to 0.7350, and 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 0.7309 level was key and this proved to be the case. Once the price broke down it fell quite fast, and was the weakest currency during the Asian session. It is now recovering somewhat after having come quite close to a very key psychological support at 0.7250 and the weekly open. However the level at 0.7309 will certainly have flipped to become resistance, so below that level, the pair looks bearish even though it has been in a long-term upwards trend.
If the FOMC release tonight is positive for the USD, this pair could fall very hard.
Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time, followed later at 7pm by the FOMC Meeting Minutes. Concerning the AUD, there will be a release of Employment Change and Unemployment Rate data at 2:30am.