AUD/USD Signal Update
Yesterday’s signals were not triggered as there was insufficiently bearish price action at 0.7449.
Today’s AUD/USD Signals
Risk 0.75%
Trades may be taken from 8am to 5pm New York time today only.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7549.
Put 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 next touch of 0.7309.
Put 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
This pair tried to rally yesterday, attempting to break up above the resistance at 0.7449 and only succeeding very temporarily before falling back below that level. Nevertheless this level should now be discarded, so there is likely to be a clearer run up to 0.7500 and beyond if and when there is a further attempt to rise.
There is no key support before 0.7309, so the price looks as if it is likely to drift.
There is nothing due concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. FOMC Member Bullard will be speaking at 6:30pm.