AUD/USD Signal Update
Last Thursday’s signals may have given a great profitable short trade following the reversal at 0.7723, although there was an hourly close initially a few pips above that level.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hours period only.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7576.
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 Trades
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7493 or 0.7458.
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
We have had a really huge sell off of both of the antipodean (Australian and New Zealand) Dollars since last Thursday, with the price easily breaking through support, confirming the area at 0.7723 as crucial resistance.
The price has now just about returned to a basing area confluent with a very psychologically key round number at 0.7500 which will quite probably provide some kind of support, although it does not look as if there could be a meaningful rise right away. There probably would need to be a consolidation first.
There is no high-impact news due today concerning either the AUD or the USD.