AUD/USD Signal Update
Last Thursday’s signals expired without being triggered as there was no bearish price action at 0.7169.
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.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7248.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride.
Short Trade 2
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7283.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Take off 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride.
AUD/USD Analysis
This pair remains bearish, with a continuing move down that flowed the initial spike which reached almost to 0.7000 early last week. At the time of writing it looks like a break below 0.7120 will probably see a fall ultimately down to the support level at around 0.7069. Despite seeing support there I would not look to get long this pair.
There is probably local resistance above at around 0.7200, and stronger resistance above that with a nice confluence of a resistive zone and bearish trend lines at around 0.7280. A news spike up there later could be a really great shorting opportunity.
There is nothing concerning the USD due today. Regarding the AUD, there will be a release of Building Approvals data at 2:30am London time.