AUD/USD Signal Update
Yesterday’s signals were not triggered as the price did not quite reach 0.7309.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7309 or 0.7250.
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 0.7412.
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.
AUD/USD Analysis
The RBA reported earlier and the market reacted fairly bullishly, although it now appears this probably was just a spike, as the RBA is talking about further rate cuts. The next test will be whether the former resistance at 0.7309 can hold. If not, the outlook remains very bearish for this pair, even though it is still technically in an upwards trend.
There are no high-impact events due today concerning the AUD. Regarding the USD, there will be releases of CPI and Building Permits data at 1:30pm London time.