AUD/USD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time only, during the next 24-hours period.
Short Trades
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7627 or 0.7663.
* 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 ride.
Long Trade 1
* Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7576.
* Put 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
This pair has made a significant is somewhat bouncy downwards move over the past few days as the USD strengthened. It was actually one of the biggest fallers and the earliest risk currency that turned against the USD last Thursday.
I did not see any support above 0.7600 and that seems to have been a correct assumption.
Note we may have a bottom just above the nearest key support level ast 0.7576 so we might have a bullish turn already. The first test would be at 0.7227. The resistance level above that at 0.7663 is somewhat uncertain so be careful shorting there.
There is nothing due today concerning either the AUD or the USD.