AUD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7198 or 0.7250.
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
The AUD remains very weak with the USD being one of the stronger currencies, and this pair has continued to fall quite strongly ever since it reached just above the psychologically key level at 0.7250. A former supportive area has also been turned into resistance over the past day, just a couple of pips under the round number at 0.7200. This is a good pair to be short of and it is worth continuing to look for short entries on pullbacks if you are interested in long-term trading especially.
I do not see any key support before 0.7000 and so for this reason as well as the fact that the pair looks so perfectly bearish, I am not looking for any potential long trade entries today..
There are no high-impact events due today concerning either the AUD or the USD.