AUD/USD Signal Update
Yesterday’s signals were not triggered as there was an hourly close below the anticipated support at 0.7569.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7477.
Put 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 run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7723.
Put 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 run.
AUD/USD Analysis
The RBA cut its base rate by 0.25% from 2.00% to 1.75% and this caused a sharp fall in the AUD generally, and in this pair, despite the serious weakness in the U.S. Dollar that has been prevalent in the Forex market over recent days.
We are not far from an area of some support. The key round number at 0.7500 might also give some support again. However the really magic level that I see as support is 0.7477 and we have quite a way yet before we get there.
Unfortunately, the next resistance level is quite far away too.
Both currencies are weak right now, so today this pair is probably best avoided.
There are no high-impact events due today concerning either the AUD or the USD.