AUD/USD Signal Update
Last Thursday’s signals were not triggered as neither of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hours period.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 0.7369.
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 Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the first touch of 0.7254.
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 AUD has continued to be reasonably bullish even as the USD has begun to strengthen, breaking the bullish trend line and forming the beginning of a consolidation pattern.
It is hard to say looking at the chart, what might happen next. No key levels have been reached, and the price seems to be in a natural consolidation zone, so I would expect some sideways movement for a while – until the Australian data due later at least.
There is nothing due today regarding the USD. Concerning the AUD, there will be a release of Retail Sales data at 12:30am London time.