AUD/USD Signal Update
Yesterday’s signals produced a winning long trade following the bullish hourly candle rejecting the trend line, although the remainder of the trade would have been stopped out by now.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered from 8am New York time to 5pm Tokyo time only.
Long Trade 1
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6992.
* 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.
Long Trade 1
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6940.
* 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 after bearish price action on the H1 time frame following a touch of the broken bullish trend line which currently sits at around 0.7072.
* 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
This pair is now showing a slight bearish bias but does not seem to be going anywhere in a hurry at the moment. The most interesting feature we can see is the trend line shown in the chart below which now seems to have flipped from support to resistance. However the price is quite likely to find it tough to break down past the support levels shown below.
Both of the currencies in this pair are weak at the moment.
There is nothing due today concerning either the AUD or the USD.