AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7664.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hours period only.
Short Trade 1
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7692, 0.7723 or 0.7750.
* 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 0.7603.
* 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 AUD was boosted again by the poor U.S> data release yesterday, although it should be noted that this was much less than the better performers, most notable the AUD’s sister currency the NZD with which it tends to be quite highly positively correlated.
We have a bullish trend in the short-term, and also a weakly bullish long-term trend.
Just above there are three key resistance levels as shown in the chart below. Taken together these are probably going to be hard to break for a while. A real break above the psychologically key level of 0.7750 will be a sign of a much more strongly bullish trend developing.
There is nothing due regarding the USD. Concerning the AUD, there will be a release of Trade Balance data at 2:30am.