AUD/USD Signal Update
Last Thursday’s signals expired without being triggered.
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 0.7412.
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
Halfway through last week this pair looked as if it might be making a major trend change from bearish to bullish. That seemed unlikely as the initial bullish thrust faltered, but it was given new impetus by the greatly increased bearishness on the USD following Friday’s poor U.S. economic data release.
The price now looks as if it may have become established above new support just above 0.7300, but it is seemingly finding it hard to clear 0.7360. The test will lie in whether the price manages to remain above 0.7300.
Meanwhile, fading either of the nearest key levels looks attractive.
Regarding the USD, the Chair of the Federal Reserve will be speaking at 5:30pm London time. Concerning the AUD, there will be a release of the RBA Rate Statement and Cash Rate at 5:30am.