AUD/USD Signal Update
Yesterday’s signals were not triggered as there were hourly closes above 0.7551 before the downwards move began.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7477.
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 ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7551, provided this happens during the Asian session.
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 ride.
AUD/USD Analysis
It looked yesterday as if a new bullish structure was beginning to produce an upwards move in line with the long-term bullish trend. However the price could not hold up above the anticipated support at 0.7551 and has fallen in recent hours from those levels quite quickly.
The recent key low at 0.7477 should now be supportive. If we do not reach 0.7551 again over the coming hours, it could act as good resistance later. The U.S. input later should be key as to whether the trend continues or instead the price pulls back more deeply.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 2pm London time, and the Chair of the Fed will be speaking at an event at 3:30pm.