AUD/USD Signal Update
Yesterday’s signals were not triggered and expired.
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 0.7549.
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 0.7412 or 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
I wrote yesterday that “the test will lie in whether the price manages to remain above 0.7300.” This pair passed that test and made another strong upwards move once the RBA’s statement refrained from mentioning any further rate cuts in the AUD, which has been on the agenda for the market. The price has now broken up above the previous resistance at 0.7412 and continues to look bullish, with no key resistance levels apparent before 0.7549.
There is nothing due today concerning either the AUD or the USD.