AUD/USD Signal Update
Yesterday’s signals as there was insufficiently bullish price action and because the price did not pull back to the resistance level identified at 0.7443.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm Tokyo time, over the next 24-hours period.
Short Trades
* Go short following some bearish price action on the H1 time frame immediately upon the next entry into the zone between 0.7413 and 0.7419, or 0.7443.
* 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
* Go long following some bullish price action on the H1 time frame immediately upon the first touch of 0.7343 or 0.7309.
* 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
After the initial push down upon the release of strong U.S. economic data yesterday, the price has only fallen by a small amount and has been consolidating for several hours. This suggests that the AUD is one of the relatively stronger global currencies now, so the pair should rise when the USD strength finally wears off. This means that a long trade off either of the key support levels shown below the current price area on the chart below could be attractive areas for long swing or position trades if things turn soon.
Long USD trades are probably better expressed elsewhere.
There is nothing due today concerning either the AUD or the USD. It is a public holiday today in the U.S.A.