AUD/USD Signal Update
Yesterday’s signals might have produced a short trade off 0.7675 following a series of inside candles rejecting that level.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, 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 the bearish trend line currently sitting at around 0.7723.
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 0.7616 or 0.7563.
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
The bearish upper channel trend line initially held, but has now been broken to the upside which is a bullish sign. It looks like the AUD is catching up with other currencies by advancing against a weak USD but that is unlikely to truly be established until the Australian data is released later. If the numbers and outlook are positive, the AUD might take off against a weak USD, especially now that we have the upper trend line taken out.
Concerning the USD, there will be a release of Unemployment Claims data at 12:30pm London time followed by ISM Non-Manufacturing PMI at 2pm. Regarding the AUD, there will be a release of the RBA Monetary Policy Statement and Retail Sales data at 12:30am.