AUD/USD Signal Update
Yesterday’s signals were not triggered as the price never reached 0.7623.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7740 or 0.7623.
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.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7860.
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
The pair has been very bullish even though the Reserve Bank of Australia has just reiterated that it is prepared to cut the interest rate if warranted, and this comes after its attempt to talk the currency down from a high level that was below where it is now that occurred just a couple of weeks ago. However risk assets are rising and the market is seemingly bullish on the AUD, making a new 10 month high earlier, although the price of this pair has been falling since the London open.
The area below at around 0.7740 looks very interesting as potential support, as there is a confluence right now of a flipped horizontal level and also two trend lines, not to forget the psychological level of 0.7750 close by.
Above, there is key resistance waiting at around 0.7860.
Concerning the USD, there will be a release of Building Permits data at 1:30pm London time. There is nothing due regarding the AUD.