AUD/USD Signal Update
Yesterday’s signals were not triggered as the price never reached 0.7723 during the allotted time window for trading.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24 hours only.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7764.
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 Trades
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7687 or 0.7626.
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
The short-term bullish trend may have come to an end, with yesterday’s climax move reversal failing just under resistance at 0.7764 with a double top. At the time of writing, the previous resistance level at 0.7723 is also being used by sellers, and so that level is still marked in the chart below. Stabs up and failures at either of these levels could provide opportunities to enter interesting short trades.
On the bullish side, there is quite probably some buying remaining to be done at lower supportive levels in line with the longer-term trend, with 0.7626 looking particularly attractive.
There is nothing of high importance due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.