AUD/USD Signal Update
Yesterday’s signals were not triggered, fortunately, as there was not sufficiently bullish price action at 0.7576.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York to 5pm Tokyo times.
Short Trades
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7515, 0.7576 or 0.7608.
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
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7470 or 0.7420.
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
The RBA’s Monetary Policy Meeting Minutes surprised the market as they pointed to a higher probability of a rate cut in August than had otherwise been expected. This led to a fairly strong fall in the AUD against the USD which has been strong everywhere in recent hours anyway.
The price sliced quite easily through a couple of supportive levels which can now be expected to flip to resistance, either exactly or at a level close by.
The outlook for this pair looks more bearish, although action had been quite choppy anyway even during its more bullish phase.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.