AUD/USD Signal Update
Yesterday’s signals produced a profitable long trade on the bullish outside candle which rejected both of the nearest resistance levels just after the FOMC release. It would be a good idea to take most of the floating profit off the table not if that has not been done already as we are already at the area of the resistance levels.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York and 5pm Tokyo times only, over the next 24 hours.
Short Trades
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7565, 0.7576 or 0.7606.
Put 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 run.
Long Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7458 or 0.7420.
Put the stop loss 1 pip below the local swing low.
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 run.
AUD/USD Analysis
The FOMC drove the price down to reach my support level at 0.7420 where it turned around right to the pip and drove upwards for more than 100 pips.
This pair is now looking more bullish but it still has a lot of resistance to break through above to really get going into a true long-term bullish trend. Therefore I see it as quite probable that one of the resistance levels nearby will hold and give some short pips following a convincing reversal that takes place over a few hours.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.