AUD/USD Signal Update
Yesterday’s signals produced a losing short trade following the bearish pin bar rejection of the identified resistance level at 0.7627.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hours period.
Short Trades
* Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723 or 0.7663.
* 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 run.
Long Trade 1
* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7576.
* Place 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
It is hard to profit from this pair at the moment as the action is quite congested and choppy. At the time of writing the price may be rejecting 0.7650 and if the USD makes a recovery today we would most likely see a fall. There is minor support and resistance at many levels, which will probably make trading difficult.
What small opportunities there are at present in the Forex market are probably going to be found today in other currency pairs.
There is nothing due today concerning either the AUD or the USD.