AUD/USD Signal Update
Yesterday’s signals provided a profitable short trade off the bearish reversal following the pull back to the anticipated resistance level at 0.7463. As the price is now bouncing off the trend line, it would be a good idea to exit the remainder of any position held short for a short-term horizon.
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 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.
AUD/USD Analysis
The AUD fell strongly yesterday, before pulling back at around the New York close, and then falling again during the Asian session. It has reached a long-term bullish trend line which I had expected to give a bounce up, but seems to be in danger again.
It can be expected that if tonight’s FOMC Meeting Minutes are positive for the USD that the AUD will be one of the best currencies to be short of against the USD.
At 7pm London time there will be a release of the FOMC Meeting Minutes. Regarding the AUD, at 2:30am will be a release of Employment Change and Unemployment Rate data.