AUD/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 0.7412.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7421.
Put the stop loss 1 pip above the local swing high.
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.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7309.
Put the stop loss 1 pip above the local swing high.
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
Barely a few weeks ago this was one of the most interesting pairs to trade, dominating action in the Forex market. Things have changed now as the pair has settled into an expanding long-term range consolidation, neither in an upwards nor a downwards trend, and therefore quite difficult to trade profitable. Support and resistance levels also do not look very reliable.
For all of these reasons, there are likely to be better opportunities elsewhere.
There is nothing due today concerning either the AUD or the USD. It is a public holiday in Australia.