AUD/USD Signal Update
Yesterday’s signals were not triggered as the price did not quite reach 0.7525.
Today’s AUD/USD Signals
Risk 0.50%
Trades must be taken from 8am New York time until 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 first touch of 0.7430.
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 Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the first touch of 0.7375.
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 price was mildly bullish until shortly before the FOMC release, which produced the anticipated rate hike, but more importantly, produced a forecast of higher rates than had been expected for 2017. This sent the USD rising everywhere, and even though the AUD has been one of the stronger currencies, the move downwards in this pair was reasonable, but by no means especially large.
The support level of 0.7430 was cleanly broken and looks to have flipped to become likely resistance.
It looks as if the long-term ranging type action is continuing.
It cannot be said there is much of a trend here so trading opportunities are likely to be best taken at reversals of major support and resistance levels, which have been well respected by this pair in recent days.
There is nothing due today regarding the AUD. Concerning the USD, there will be releases of CPI, Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.