AUD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken 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 the bullish trend line currently sitting at around 0.7675 or 0.7730.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7733 or 0.7767.
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
It had looked as though the short-term bearish trend line was holding the price down enough to force a retest of the supportive trend line of the past few weeks. However after London opened this morning the price moved up quite strongly, breaking out up past that trend line and also seeming to flip the anticipated resistance level at 0.7733 to support at around 0.7730, which is always a bullish sign. Therefore if the price remains above 0.7730 we can assume it will take a trip up to at least 0.7767 next.
Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time, followed later by CB Consumer Confidence data at 3pm. Concerning the AUD, there will be a release of CPI data at 2:30am.