AUD/USD Signal Update
Yesterday’s signals produced a losing short trade following the bearish pin bar rejecting the resistance level at 0.7464.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hours period.
Short Trades
Go short following some bearish price action on the H1 time frame immediately upon the first touch of 0.7489 or 0.7500.
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 Trades
Go long following some bullish price action on the H1 time frame immediately upon the first touch of 0.7400 or 0.7375.
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
I wrote yesterday that the structure looks unstable, so I continue to see this pair as likely to range. This is what has been happening and it looks likely to continue. There could be equally good opportunities to go either long or short off key levels as the price will tend to reverse upon reaching them. The difficulty is that the price is not going very far, so there are likely to be better opportunities elsewhere.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.