AUD/USD Signal Update
Yesterday’s signals expired without being triggered as there was no bullish price action at 0.7740.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7860.
Put 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 Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7663.
Put 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
The support level at 0.7740, which always looked somewhat weak, has broken and might now act as resistance. However it does not look very reliable right now being in the middle of what has become a fairly choppy area, so I would not be looking for any shorts from there now. It might hold of course.
Below there is a confluence of a bullish trend line and a horizontal support level at 0.7663 which looks much more attractive.
There are no high-impact events scheduled today for the AUD. Regarding the USD, FOMC Member Powell will be speaking at 3pm London time, followed half an hour later by Core Durable Goods Orders data.