AUD/USD Signal Update
Last Thursday’s signals were not triggered as there was insufficiently bullish price action at 0.7375.
Today’s AUD/USD Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time only, during the next 24-hours period.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the first touch of 0.7369.
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 first touch of 0.7269, 0.7244 or 0.7228.
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
This pair has become markedly more bearish as it fell sharply towards the end of last week, reaching new multi-month low prices.
The action still looks bearish, but it is worth noting that there are three support levels below bunched together closely, and so this area between 0.7269 and 0.7228 is likely to be very supportive in the short-term.
There is nothing due today regarding the USD. Concerning the AUD, there will be releases of the Reserve Bank of Australia’s Monetary Policy Meeting Minutes and the Treasury’s Mid-Year Economic Outlook at about 12:30am.