AUD/USD Signal Update
Last Thursday’s signals were not triggered as the bullish price action happened at too low a level to properly trigger a long trade.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be made between 9am New York time and 5pm Tokyo time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7105.
* 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.
* 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 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7072.
* 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.
* 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.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7163.
* 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.
* 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.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7218.
* 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.
* 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 long-term bearish channel continues to contain this pair although it is starting to look as if it will break out and reach to at least 0.7163. If it does not fall back to within the bearish channel
quickly that will be seen as a bullish trend change, but the resistances at 0.7218 and 0.7294 are likely to be strong. This pair is really behaving very technically at the moment, so should give some good technical trades even if they are only for 20 pips or so. Scalpers should take note.
There is nothing due today regarding the USD. Concerning the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 12:30am London time.