AUD/USD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action when the price reached 0.7587.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time, over the next 24-hours period only.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723.
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 ride.
Long Trade 1
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7649.
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 ride.
AUD/USD Analysis
As the USD has weakened this week, the Australian Dollar has really taken off and over the past few hours has even exceeded the long-term bearish trend line currently sitting at about 0.7670. We are entering multi-month bullish territory signalling that this pair may be beginning a new long-term bullish trend. If the USD continues to disappoint, the AUD is currently looking like the currency that will most benefit from that.
The nearest support is at 0.7650 although a deeper pullback could also be a good buying opportunity as we have a pretty convincing bullish wave structure in place now.
Above, the area from 0.7723 to 0.7750 is very crucial long-term resistance.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of CPI data at 1:30pm London time.