AUD/USD Signal Update
Yesterday’s signals were not triggered as the price action at the resistance level identified at 0.7374 was insufficiently bearish.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time 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 touch of 0.7420 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 Trade 1
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7374.
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
We have seen a continuing and accelerated bullish wave after the former resistance level at 0.7374 was flipped to support. This is a bullish sign. However, the long-term trend is still bearish, although as the move down was so strong and sudden, there may be a natural bounce back up that carries through. The first test of this bullish move will arrive at 0.7420.
There is nothing due today regarding either the AUD or the USD.