AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7551.
Today’s AUD/USD Signals
Risk 0.75%
Trades may be taken from 8am New York time until 5pm Tokyo time only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7568.
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 run.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7533.
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 run.
AUD/USD Analysis
There was a very impressive triple tap off a short-term supportive trend line yesterday that led immediately to a very strong bullish breakout from the consolidating triangle. The trend line structure began from a bullish bounce off 0.7477 which had previously been a resistant level, so these two structures taken together looked impressive and traders going long have been well rewarded.
The price will probably fall off from here, but there is no reason to abandon a strong bullish bias, and there are two levels near the broken triangle that look very attractive as support if the price should get back to them.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed later by Crude Oil Inventories at 3:30pm.