AUD/USD Signal Update
Yesterday’s signals were not triggered as both the bearish and bullish reversals were beyond the given relevant resistance and support levels.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hours period.
Short Trades
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 0.7729 or 0.7771.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trades
* Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7616 or the long-term supportive trend line currently sitting at about 0.7590.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 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
Interestingly, after the big election-related swings, the price of this pair is back to the middle of its most recent consolidation zone. It is hard to get a feel for what is most likely to happen next. A Trump victory was thought to put risk assets like the AUD in trouble, but it seems to be holding up well, so it might be more likely that we see a continuing upwards movement, if there is any directional movement over the coming days.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.