AUD/USD Signal Update
Yesterday’s signals expired without being triggered as the price never reached 0.7552.
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 0.7463.
- 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.
Short Trade 1
- Go short following some bearish price action on the H1 time frame time frame immediately upon the next touch of 0.7551.
- 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
- Go long following a very strong bullish price action on the H1 time frame immediately upon the next touch of the bullish trend line which currently sits at around 0.7380.
- 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 AUD, along with its very closely positively correlated sister the NZD, has been the weakest currency since the Asian day began. The RBA release this morning actually initially sent the currency higher before it fell by quite a lot, which is an unusual move for the AUD to make during the London session. The general rise in the USD is playing a big part here and the AUD and NZD are the weakest links in the chain.
The short-term double bottom at 0.7463 may be interesting for a short in this fast-moving market. Below at around 0.7380 there is a very long-term trend line that should provide support, especially if met in a greatly oversold condition.
At 1:30pm London time there will be a release of U.S. Trade Balance data. There is further nothing due today regarding the AUD.