AUD/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time to 5pm Tokyo time.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7250 or the trend line which is currently sitting close to that price.
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
There has been no real change whatsoever since my analysis / forecast yesterday. The price is reluctant to fall and made a move up beyond the nearest trend line that I had drawn. However the price has turned down again somewhat and so it is possible to redraw the trend line.
I do not really see much opportunity in the present zone and the price feels uncertain.
Nevertheless the AUD remains one of the weaker currencies. Being short of this pair should remain a logical way to take advantage of any renewed strength in the USD.
The level at 0.7250 still looks very attractive for a short trade, with the confluence of a trend line, flipped horizontal level, and psychological impact.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time