AUD/USD Signal Update
Yesterday’s signals produced a losing short trade entry following the bearish pin candle rejecting both identified resistance levels around the time of the Tokyo open.
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 Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 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 Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the first touch of 0.7474.
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 had seen the range as stable and although strictly speaking that has been proved true with the price failing to break up above the key resistance at 0.7500, the picture is starting to look more bullish, with a more definite series of higher lows beginning to show.
A break up above 0.7500 is looking more likely, although there is a good chance the level will continue to hold.
There is new support confluent with the nearest quarter-number below.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.