AUD/USD Signal Update
Yesterday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York and 5pm Tokyo times.
Protect any open trades before 6:30pm London time.
Short Trades
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7500 or 0.7549.
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 0.7374 or 0.7309.
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
The USD strengthened yesterday against all the commodity currencies and the AUD seems fairly vulnerable having failed to break up past 0.7550. We now see also that there is a resistant level at the key round number of 0.7500 and this adds to the bearish picture. However we also have a support level at 0.7420 which has been confirmed as well as minor resistance at 0.7460.
Taken together all this means that the picture with this pair is getting more crowded, but there are still flowing price movements that can be exploited. However there may not be a lot of room for movement over the near future.
The pair is trendless.
There is nothing due concerning the AUD. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time followed by the FOMC Meeting Minutes at 7pm.