AUD/USD Signal Update
Yesterday’s signals produced a profitable trade of only about 20 pips following the bearish rejection of the trend line at around 0.7560.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7309.
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 1
Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of the broken bearish trend line currently sitting at around 0.7170.
Put the stop loss 1 pip above the local swing high.
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 become a major focus of interest in the Forex market as it has finally made a major new high, breaking up above strong resistance at around 0.7250 as we have had better than expected Australian economic data releases over the past two days.
For a while it had looked as if the level at 0.7259 was going to be supportive but it seems that the price is now falling right through it, so it is hard to get a handle on any good levels nearby.
In any case, we may be at the beginning of a major trend change.
Regarding the USD, there will be a release of ISM Manufacturing data at 3pm London time. Later, concerning the AUD, there will be a release of Retail Sales and Trade Balance data at 2:30am.