AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no clear bearish price action at the bearish trend line.
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 0.7860.
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 H1 time frame immediately upon the next touch of 0.7550.
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
As can be seen from the chart below, this pair has become waterlogged and is trapped within a large range, where it has remained now for quite a long period of time. Furthermore, the trend lines which were giving some resistance have now been wiped out, so there is really nothing to go on between the key levels. All that can really be said is that AUD is relatively strong against the USD.
Regarding the AUD, there will be no more today after the Building Approvals data that was released at 2:30am London time. Concerning the USD, there will be ADP Non-Farm Employment Change data at 1:15pm followed later by ISM Manufacturing PMI data at 3pm.