AUD/USD Signal Update
Yesterday’s signals produced a losing short trade following the bearish inside candle break off the resistance level identified at 0.7496.
Today’s AUD/USD Signals
Risk 0.50%
Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hours period only.
Short Trade 1
* Short entry following some bearish price action on the H1 time frame immediately upon the first entry into the zone between 0.7514 and 0.7525.
* 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 Trade 1
* Long entry following some bullish price action on the H1 time frame immediately upon the first touch of 0.7431.
* 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 picture is changing again, from bearish to bullish, as the USD weakens. The AUD, along with the GBP, is one of the relatively stronger currencies so benefits from this USD weakness. The resistance just above 0.7500 is very strong and so a bullish breakout above that would be a very significant bullish development. On the long side, in line with the short-term trend, a bullish bounce at the double bottom level of 0.7431 would be an attractive point at which to look for a trade entry.
There is nothing due today regarding either the AUD or the USD.