AUD/USD Signal Update
Yesterday’s signals produced a profitable short trade following the bearish doji rejecting the resistance level at 0.7443 on the hourly chart. At least partial profit should have been booked by now, as the new support level of 0.7419 has already been reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time, during the next 24-hours period only.
Short Trades
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7443, 0.7500 or 0.7524.
* 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 first entry into the zone between 0.7419 and 0.7413, or the first touch of 0.7374 or 0.7309.
* 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
A little surprisingly, the bullish run is continuing, with a zone of former resistance at about 0.7400 flipping to become a new support zone. At the time of writing, it looks as if this is being confirmed. If the U.S. economic data releases later cause a sell-off in the USD driven by profit taking from its recent strong bull run, this pair could rise strongly.
There is nothing due today regarding the AUD. Concerning the USD, there will be releases of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time, followed later by Crude Oil Inventories at 3:30pm and FOMC Meeting Minutes at 7pm.