AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7464.
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
Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 0.7464, 0.7489 or 0.7500.
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 0.7400.
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
I wrote yesterday that “this pair is best described as in a broad long-term consolidation pattern, but with quite large swings. This makes it a good candidate for trading support and resistance.” This is turning out to be accurate, I also made a point of the resistance above 0.7450 which was strong enough to hold and reverse yesterday’s impulsive bullish move.
There is a lot of resistance above 0.7450.
The AUD news due later could push the price out of its range.
There is nothing due today regarding the USD. Concerning the AUD, there will be a release of GDP data at 12:30am London time.