AUD/USD Signal Update
Yesterday’s signals were not triggered as the price never hit any key levels during the market hours given.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Long Trade 1
* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6940.
* 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 after bearish price action on the H1 time frame following a touch of the broken bullish trend line which currently sits at around 0.7245.
* 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 this pair was really just ranging and not getting anywhere, so there are probably much better trading opportunities elsewhere, especially as we are now close to the halfway point between the two nearest key levels. This turned out to be pretty good advice as although early during today’s London session we did touch the support I had drawn at 0.6992, the price did not do much during the Asian session. It is still looks like this pair isn’t going to go anywhere soon as both currencies seem weak.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. The Chair of the Federal Reserve will be testifying before Congress at 3pm. Concerning the AUD, the Governor of the RBA will be speaking before Parliament at 10pm.