AUD/USD Signal Update
Yesterday’s signals may have been triggered by this morning’s bullish bounce off 0.7682.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
Long entry as close as possible to 0.7682 if this long trade has not already been taken.
Put 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. Take more profit at 0.7800.
Long Trade 2
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7647.
Put 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. Take more profit at 0.7800.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7805.
Put 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.
AUD/USD Analysis
The USD continued to strengthen yesterday but may be topping out against several of its key pairs. During the last few hours we have had a fairly bullish bounce off the anticipated support at 0.7682 which suggests we are going to have a long move today. Should the price break down instead, there is another supportive level plus a trend line just below 0.7750 which is very likely to be key support. In any case, it already looks good to be long.
The round number above at 0.7800 should be natural resistance. It was also previously support so it should hold at least for a while.
There will be G7 Meetings all day. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.