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 only.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7309 or the bearish trend line currently sitting at around 0.7260.
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 bearish price action reversal on the H1 time frame immediately upon the next touch of the broken bearish trend line currently sitting at around 0.7155.
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
I wrote yesterday that we may have been at the beginning of a major trend change but that is looking much less likely now as the price just could not maintain its bullish move. Instead the price is falling from a couple of trend lines and looks as if it may now be settling into a bearish channel.
There may be minor support just above 0.7200.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims data at 1:30pm and Crude Oil Inventories at 4pm.