AUD/USD Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 0.7860 or 0.7663.
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
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7860.
Place 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.
Long Trade 1
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7663.
Place 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.
AUD/USD Analysis
I wrote yesterday that the support level at 0.7740 looked shaky so it was probably best avoided and not be relied upon, and this turned out to be a correct decision. This pair continues to chop and go nowhere really, although it has a very slight bullish bias.
The only interesting development is that we now have a bearish inner trend line above, and a break above this could see a following bullish move up to 0.7830 or thereabouts. Otherwise, this pair is probably best left alone at the moment, with the exception of a possible bullish bounce off 0.7663 and the confluent trend line developing at that point.
There are no high-impact events scheduled today for the AUD. Regarding the USD, there will be a release of Final GDP data at 1:30pm London time.