AUD/USD Signal Update
Last Thursday’s signals may have produced a losing short trade from a bearish rejection at the resistance zone identified at 0.7413.
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 0.7500 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 touch of 0.7450 or 0.7419.
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
The AUD has been one of the stronger currencies and in fact was the biggest trade-weighted gainer of all the major currencies over the past week, surpassing even the U.S. Dollar.
This pair has been bought quite strongly since the weekly open but the resistance close to the psychologically key 0.7500 level has so far proved too tough to crack.
We are getting a pull back now but there is every reason to believe there will be another push up later, unless the USD gets strong again.
There is nothing due today concerning either the AUD or the USD.