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 period only.
Short Trades
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7636 or 0.7651.
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
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7563 or 0.7540.
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 long-term picture for this pair is a consolidation, but one with swings so it is possible to make some money on the turns. The last couple of weeks have seen a bearish bias, with this price selling off at and above 0.7700. However, it looks as if there is also good support close to 0.7550, and the price has been rising from there.
There is a big Australian news release due during the Asian session later, so it is unlikely that much will happen before then.
There is nothing due today regarding the USD. Concerning the AUD, the Reserve Bank of Australia will be releasing its monthly Cash Rate and Rate Statement at 4:30am London time.