AUD/USD Signal Update
Yesterday’s signals might have produced a nicely profitable long trade off the bullish bounce from 0.7277, although there was an hourly close slightly below that level.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken from 8am to 5pm New York times today.
Long Trade 1
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7277.
* 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.
Long Trade 2
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.
* 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.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7381.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7442.
* 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.
AUD/USD Analysis
I wrote yesterday that if 0.7280 was tested again and gives a bullish bounce, this will be a sign that the price is on its way up to 0.7381, although there seems to be a whole zone of resistance starting at around 0.7350 or so. I was right about that, and we can see in the chart also a little bullish trend line beginning to emerge quite confluent with the nearest horizontal support level below. The picture overall is definitely starting to look more convincingly bullish, although the AUD has a lot of resistance to get past before we can say it is really in a convincing long-term bullish trend against the USD. Nevertheless, the AUD is certainly one of the stronger currencies.
There is nothing due today concerning the AUD, it is also a public holiday in Australia. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.