AUD/USD Signal Update
Yesterday’s signals were not triggered as there were no accurate rejections of any key levels, though there were reversals with a few pips overshooting at both 0.7269 (short) and 0.7228 (long).
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time until 5pm Tokyo time, during 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 touch of 0.7269.
* 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
* Go long following some bullish price action on the H1 time frame immediately upon the first touch of 0.7200.
* 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
The price initially rose yesterday just a few pips beyond the resistance level identified at 0.7269 before reversing, being then halted for a few hours at 0.7228 but this support level broke down. The price is now bearishly heading for the support at 0.7200.
Both the long and short-term signs here are bearish, with the AUD being one of the weakest major global currencies.
There is nothing due today regarding the AUD. Concerning the USD, there will be releases of Core Durable Goods Orders, Final GDP and Unemployment Claims data at 1:30pm London time.