AUD/USD Signal Update
Last Thursday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York and 5pm Tokyo times.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723.
Place 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 ride.
Long Trades
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7420, 0.7374 or 0.7309.
Place the stop loss 1 pip below the local swing low.
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 ride.
AUD/USD Analysis
We have seen a very bullish development: this pair has finally broken up above the very crucial 0.7550 resistance and it can now finally be said to be in a long-term bullish trend.
Of course, the price may drop back below that level quite rapidly, which would dampen the bullish situation significantly.
It is far too early to say if that level is going to act as support.
The price could run up more than 100 pips quite easily as there are no obvious resistance levels before 0.7723.
There is nothing due today concerning either the AUD or the USD.