AUD/USD Signal Update
Yesterday’s signals expired without being triggered as there was no bullish price action at 0.7150.
Today’s AUD/USD Signals
Risk 0.75%
Trades may be entered between 8am and 5pm New York time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7113.
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.
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 a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7072.
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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7155.
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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at about 0.7195. A stretch up to 0.7218 is also OK.
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.
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 forecast yesterday that “a break below the first supportive trend line would suggest a trip down to at least 0.7150”. I was right about that but a little wrong about the price remaining within range until the RBA Rate Statement and USD Non-Farms due on Friday.
The area around 0.7150 remains important, in fact the price level at 0.7155 appears now to be acting as resistance but I am cautious of using that level.
There will probably quite a lot of volatility during the early Asian session tonight and early New York session tomorrow so anything might happen. It will probably be best to take such small profits as might be achieved before the Asian session begins tonight.
Regarding the AUD, the RBA will be releasing its Monetary Policy Statement at 12:25am London time. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.