AUD/USD Signal Update
Yesterday’s signals expired without being triggered.
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 0.7551.
- 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.
Short Trade 2
- Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7600.
- 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
- Long entry following some bullish price action on the H1 time frame immediately upon the next touch of the trend line currently sitting at around 0.7365.
- 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
This pair continues to go nowhere – or more accurately, to go sideways. Even the Australian business confidence data this morning could not really move the pair. A touch of the trend line below followed by a stronger bullish retracement might be ahead, but probably it is the USD data later today followed by Yellen’s testimony tomorrow that is going to determine where this pair goes next.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Retail Sales data at 1:30pm.