AUD/USD Signal Update
Last Thursday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7250, 0.7309, or either of the bearish trend lines sitting at about 0.7285 and 0.7320 respectively.
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
I was correct to be only seeking shorts in my previous forecast and analysis last Thursday as the upwards move was only corrective, and although the price did get a little way above the anticipated resistance level of 0.7250, it has fallen sharply from there pretty quickly over the previous few hours. However it is a fairly slow day and the closer the price gets to 0.7200 the more minor support there is.
I still do not see any opportunities to go long on the horizon, so I am still looking to short at the same levels. The only difference really is that the two key trend lines marked in the chart below and both at lower prices so are more easily reached by stronger pullbacks.
There are no high-impact events due today concerning the USD. Regarding the AUD, there will be a speech from the Governor of the RBA at 4:05am London time.