AUD/USD Signal Update
Yesterday’s signals produced two opportunities to get short from 0.7723, the first of which would have been a loss, the second of which would be in a floating profit.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time, over the next 24-hours period only.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723.
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 Trade 1
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7649.
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
I was right yesterday in seeing the pair as bullish and preparing to make an upwards move. It took a few hours to arrive but the price rose very healthily to the next key resistance level at 0.7723 before falling sharply on poorer than expected Australian economic data during the Asian session.
The big picture is still bullish so we have to watch over the coming hours and see if the price recovers from its earlier lows. There is every reason to think another bullish wave is quite probable.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Philly Fed Manufacturing Index and Unemployment Claims data at 1:30pm London time.