AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no sufficiently bearish price action when the price hit 0.7243.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hours period.
Protect any open trade at 6:30pm London time.
Short Trades
Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 0.7273 or 0.7369.
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.
Adjust 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
Long entry following some bullish price action on the H1 time frame immediately upon the first touch of 0.7197 or entry into the zone between 0.7150 and 0.7144.
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.
Adjust 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
I wrote yesterday that the wider pattern is indicative of a slowing down of the long-term bearish trend, and today this looks to even more true as we have broken up past a resistance level and printed a new support level below confluent with the round number at 0.7200. The odds are increasing of a deep pull back or even reversal of the bearish trend happening soon.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of FOMC Meeting Minutes at 7pm London time.