AUD/USD Signal Update
Last Wednesday’s signals might have produced a long trade, which would have made a loss.
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 0.7435.
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 0.7552.
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.
AUD/USD Analysis
This pair has just made new 6 year lows. While the AUD has recently been putting up a little more of a fight against the USD than the NZD, today that position seems to have reversed. It is notable that Gold has also been making new lows, and Gold tends to be positively correlated with the AUD.
The supportive trend line has been seriously muddied and I do not think it is very useful any more.
An additional bearish sign is that we have flipped support at 0.7435 very cleanly and clearly to resistance.
There is nothing due today regarding the USD. Concerning the AUD, the RBA will be releasing its Monetary Policy Meeting Minutes at 2:30am London time.