AUD/USD Signal Update
Yesterday’s signals produced a (barely) profitable trade following the bearish outside candle rejecting the identified resistance level at 0.7605. It only gave the minimum 20 pips of profit.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, 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 0.7692 or 0.7723.
* 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
* Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7620 or 0.7605.
* 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
I wrote yesterday that it looked like we would get a strong move up if the release was more dovish than expected on monetary policy from the Federal Reserve and this is exactly what happened. The rise continues as at the time of writing with the price right on new highs. Below we have broken resistance and created new support.
This pair is finally starting to look really bullish again and is actually eclipsing its sister pair NZD/USD.
Look for long opportunities here.
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.