AUD/USD Signal Update
Yesterday’s signals expired without being triggered as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time only, during the following 24-hours period.
Short Trades
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723 or 0.7663.
* 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 Trade 1
* Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 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
The price continues its slow downwards swings within a weak long-term upwards trend.
The London open saw strong bullish movement, but at the time of writing it seems to have tailed off.
We are equidistant between the nearest support and resistant levels so it is very hard to get a picture of what is most likely to happen next with this pair. It is quite likely to go nowhere until we get some more really crucial economic data concerning the U.S. economy, which is due tomorrow after New York opens.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.