AUD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were touched during the session.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time, over the next 24 hours only.
Short Trades
* Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723 and 0.7764.
* Place 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
* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7627, 0.7594 or 0.7576.
* Place 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
I wrote yesterday that it looked as if the price was preparing to move up again, and this is what happened, and it has happened in an additional thrust over the last few hours as the U.S. Dollar weakened everywhere and the RBA Minutes release was relatively bullish. The AUD is in a long-term upwards trend, albeit a kind of slow burning one.
At the moment the price is bumping up against resistance at 0.7723 and it looks as if this will not hold. I would be very careful about shorting here, and would want to see a very pronounced bearish turn first.
There is nothing due today concerning the AUD. Regarding the USD, there will be releases of Building Permits and CPI numbers at 1:30pm London time.