AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7273.
Today’s AUD/USD Signals
Risk 0.75%.
Trades must be taken from 8am New York time to 5pm Tokyo time, during the next 24-hours period only.
Short Trade 1
* Go short following some bearish price action on the H1 time frame immediately upon the first touch of 0.7369.
* 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 0.7254.
* 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 the odds are increasing of a deep pull back or even reversal of the bearish trend happening soon, and this is exactly what happened, with a strong rise supported by a steep trend line breaking resistance and printing new support.
The Australian Dollar may again become one of the better currencies to use to take advantage of USD weakness from time to time.
It is hard to tell how much further the rally might go. The support at 0.7254 looks strong and is confluent with a big psychological number.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims at 1:30pm, ISM Non-Manufacturing PMI at 3pm and Crude Oil Inventories at 4pm.