AUD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time only, during the next 24-hours period.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7583.
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 0.7493 or 0.7458.
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 we were likely to see 0.7500 over the next few days and that we might get an upwards thrust from there. This is exactly what happened, with a double bottom forming there over the short-term, clearly visible on the chart below. A long would be against the trend but we may have made a bottom for a while here. However, we do seem to have some minor resistance at about 0.7530 in the area of the previous key swing low which is capping the price so far.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change data at 1:15pm London time, followed by Crude Oil Inventories at 3pm.