AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7280.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time today only.
Long Trade 1
* Long entry following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7277.
* 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.
* 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 2
* Long entry following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.
* 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.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7381.
* 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.
* 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 wrote yesterday that if the price was able to break up above resistance at 0.7280, there is a good chance it might rise quickly up to at least 0.7340 or so. We have had a repressed but clear break up above that level, although the price has not really taken off yet. However I think it is significant, as a close examination of the chart shows that this level has clearly flipped from resistance to support. If the level is tested again and gives a bullish bounce, this will be a sign that the price is on its way up to 0.7381, although there seems to be a whole zone of resistance starting at around 0.7350 or so.
There is nothing due today concerning the AUD or the USD.