AUD/USD Signal Update
Last Thursday’s signals expired without being triggered as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York and 5pm Tokyo times.
Short Trades
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723 or the broken bullish trend line currently sitting above at about 0.7640.
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.
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.
Place 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 ride.
AUD/USD Analysis
We had a steady and orderly rise in this currency pair over recent days, supported by a bullish trend line which held nicely. Finally at the end of last week it broke down, but the expected support level at 0.7576 has managed to hold the price so far.
This pair still continues to look relatively bullish, with a short-term bullish trend but no long-term trend. The price really needs to break up above the 0.7700 area before it can be said to be really bullish.
There may be minor support at 0.7600 but the next major area to watch for resistance is a retest of the broken trend line.
Concerning the AUD, there will be a release of Monetary Policy Meeting Minutes at 2:30am London time. There is nothing due regarding the USD.