AUD/USD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hours period only.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7627.
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
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7500.
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 RBA Meeting Minutes released earlier had very little impact on the price, which has broadly continued to consolidate between 0.7533 and 0.7568.
There is a big round number below which acted as a very key bottom in the past, which can be seen very clearly on the longer-term charts. A bullish reversal from there could be a very interesting long if the USD strength continues to flatten.
I have the nearest resistance slightly higher than yesterday, at 0.7568. This may be a good level, but both these levels have been holding for too long for me to be confident in either of them.
Over the short-term, a move up looks more likely than a move down.
There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Retail Sales data at 1:30pm London time.