AUD/USD Signal Update
Last Thursday’s signals expired without being triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
- Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7552.
- Place 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
- Long entry following some bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of the bullish trend line which currently sits at around 0.7382.
- Place 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
With the release of two items of very poor Australian economic data at the end of last week, as well as the Chinese stock market taking place, the AUD fell quite sharply over the past few days, breaking through key support at 0.7550 which is now likely to have flipped to resistance. Note there is a potentially supportive trend line below that has not been touched for a long time, there is bound to be some reaction if and when the price next gets there.
Although the London open is giving a recovery by the AUD, it should not be forgotten that we just made a new 6 year low in this pair.
At 3pm London time there will be a release of U.S. ISM Non-Manufacturing PMI data. Later at 5:30am we will get the Reserve Bank of Australia Rate Statement and Cash Rate.