AUD/USD Signal Update
Yesterday’s signals were not triggered as the price never reached either of the key levels.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York to 5pm Tokyo times.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723.
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 Trades
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7576 or 0.7522.
Put 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 run.
AUD/USD Analysis
In spite of the Australian employment data release earlier being a little disappointing, the global rally in risk assets continues and this is pushing up this pair which has made another bounce off the supportive trend line shown in the chart below. Although the area above 0.7640 is territory higher than prices of the recent two quarters, there is still a key swing high not much further above which ultimately might take more time to break.
However, the outlook generally is bullish in every way
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There is nothing due today concerning the AUD. Regarding the USD, there will be a release of PPI and Unemployment Claims data at 1:30pm London time.