AUD/USD Signal Update
Yesterday’s signals were not triggered as the price had already exceeded 0.7723 by the start of the New York session.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24 hours only.
Short Trades
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7750 or 0.7675.
* Put 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
* Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7625, 0.7594 or 0.7576.
* 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 ride.
AUD/USD Analysis
I wrote yesterday that the resistance at 0.7723 would probably not hold, and that turned out to be correct. However, after trading above that level, this pair had a strong fall, which was triggered by the comments from the Federal Reserve which produced USD strength across the board.
It looks as if the price is going to fall further even before the FOMC, although it may well bottom out somewhere above the round number at 0.7600.
Regarding the USD, there will be releases of Crude Oil Inventories at 3:30pm London time followed by the FOMC Meeting Minutes at 7pm. Concerning the AUD, there will be a release of Employment Change and Unemployment Rate data at 2:30am.