AUD/USD Signal Update
Yesterday’s signals were not triggered as the identified support level at 0.7616 was not quite reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hours period only.
Short Trades
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7729 or 0.7771.
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 next touch of 0.7616.
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 wrote yesterday that “it might be more likely that we see a continuing upwards movement, if there is any directional movement over the coming days” and this has indeed been the case. The USD is strong but the AUD is also strong. However, we have hit the key resistance level at 0.7729 already so if this is not broken quickly the bullishness will probably be suppressed for a while.
A resumption into a more bullish longer-term trend might be ahead.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.