AUD/USD Signal Update
No signals were given yesterday.
Today’s AUD/USD Signals
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7398.
* Place 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 ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7551.
* Place 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 ride.
AUD/USD Analysis
This pair is in a long-term bullish environment but continued to fall fairly heavily with the market in the grip of risk-off sentiment.
However, there are signs of a turn over the last few hours, as the market steadies in advance of the key U.S. economic data that will be released short after New York opens. If the data is more negative than expected, we could well see the start of a good rally. We have not reached any key support although we did just about touch a minor inflection point, so if the smart money takes a position here ahead of the news, the better odds would be on some kind of upwards move.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 12:30pm London time.