AUD/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York to 5pm Tokyo times, during the next 24 hours.
Short Trade 1
* Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7658.
* 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
* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7576 or 0.7493.
* 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 bullish move continued yesterday and was fairly strong, as the USD was hammered everywhere. However fairly quickly the price fell back below the key 0.7600 level, above which it has so often recently failed to thrive.
The short-term price action is suggestive of some kind of downwards move over the coming hours, but there is support at 0.7576 which might produce a double bottom to hold up the price. If that level is decisively broken, then a continued fall to 0.7500 would seem likely.
Regarding the USD, there will be a release of ADP Non-Farm Employment data at 1:15pm London time, followed by ISM Non-Manufacturing PMI at 3pm and then Crude Oil Inventories at 3:30pm. Concerning the AUD, there will be a release of Retail Sales data at 2:30am.