AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7159.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York time to 5pm Tokyo time.
Long Trade 1
• Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7140.
• 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.
• 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
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 0.7245 and 0.7271.
• 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.
• 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
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7301.
• 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.
• 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
More or less everything has been rising against the USD and the AUD has been no exception. There is a nice bullish trend line below that has served as a launching pad for this latest upwards leg. There are big news events coming shortly for both sides of this pair, so the coming action is very hard to forecast.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Concerning the AUD, there will be a release of the RBA Monetary Policy Statement and Retail Sales data at 12:30am.