AUD/USD Signal Update
Yesterday’s signals were not triggered as unfortunately the support at 0.7604 was hit before 8am New York time. It turned out to be a great support level.
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 0.7723.
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 0.7604, 0.7567 or 0.7530.
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
We have a long-term bullish trend, and we have strong buying at or near the closest key support level identified at 0.7604. However, the past few hours seem to show the upwards move is peaking, at least for now, after topping at the key resistance level identified above at 0.7692.
As this level has already been hit, I would not look for a sell there again just yet. It is an overall bullish environment anyway and we are far from seeing anything that might really call that into question in any serious way.
There is nothing due regarding the AUD. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.