AUD/USD Signal Update
Yesterday’s signals produced a profitable long trade from the bullish rejection of the key support level identified at 0.7649.
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 Trade 1
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 0.7649, 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
The bullish move has continued, held up by the supportive trend line shown in the hourly chart below which has established itself over recent days. This is in line with a longer-term bullish trend.
A break below 0.7650 will probably signify a much deeper pullback to a lower resistance level.
The area above the next resistance level at 0.7723 has been strongly resistant for several months and is likely to be hard to break.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Final GDP and Unemployment Claims data at 1:30pm London time followed by words from the Chair of the Federal Reserve at 9pm.