AUD/USD Signal Update
There are no outstanding signals.
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 0.7442.
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 2
Go short following some bearish price action on the 1H1 time frame immediately upon the next touch of 0.7476.
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 some bearish price action on the H1 time frame immediately upon the next touch of 0.7316.
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
Last week the AUD performed more strongly than any other major currency. Its upwards move invalidated the long-term descending trend line that had acted as both support and resistance, and it is notable that the upwards move has originated with false breakdowns at the psychologically significant 0.7250 level. This, in conjunction with the RBA’s more bullish recent approach, has led some to conclude that we might have seen a long-term bottom. Alternatively, we are approaching levels from which a strong downwards trend might resume.
There are therefore likely to be opportunities in both directions and they may arrive today or, more likely, later during the Asian session.
Regarding the AUD, there is a release of NAB Business Confidence data due at 2:30am London time. Concerning the USD, FOMC Member Lockheart will be speaking at 5:25pm.