AUD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may 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 0.7549.
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 Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7446, 0.7421, or 0.7376.
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 pair is becoming more interesting and more bullish, and this is what has happened, with the AUD rising in line with increasing Risk sentiment due to the improving prospects of a British Remain vote next Thursday.
At the time of writing, the price is testing the psychologically key level of 0.7500. If the price manages to get established above there, then from next week I would classify this pair as back in a strong long-term upwards trend.
A good long entry might also be possible at 0.7465
There is nothing due today concerning the AUD. Regarding the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time, followed later by FOMC Member Powell speaking at 7:30pm.