AUD/USD Signal Update
Yesterday’s signals produced a nice and profitable long trade following the doji candle rejecting the support level at 0.7576. It is probably worth taking profit now if that has not been done already.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time only, over the next 24 hours.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7658.
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
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7576 or 0.7493.
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 there is support at 0.7576 which might produce a double bottom to hold up the price. This is exactly what happened and we had a move up from there. However it is hard for this pair to remain above the 0.7600 level and therefore we are getting a falling off from current prices and this is supported by general USD strength which we are seeing in the market as at the time of writing.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Concerning the AUD, there will be a release of the RBA Monetary Policy Statement at 2:30am.