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 today.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7421.
Place the stop loss 1 pip above the local swing high.
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.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7309.
Place the stop loss 1 pip above the local swing high.
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
This pair has become very dull, it is not really going anywhere either over the short-term, or over the long-term where it remains stuck between its medium-term and long-term trends which point in different directions.
Support and resistance levels also do not look reliable.
For all of these reasons, there are likely to be better opportunities elsewhere in other Forex currency pairs.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time.