AUD/USD Signal Update
Last Thursday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7549.
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
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7309.
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
This pair is starting to look quite bullish, although it really needs to break up above the level at 0.7550 which has become very key to be truly bullish. It looks likely though that if that happens, the price could rise quite fast. However there is a major decision due by the RBA later today, in which the interest rate might be cut. If the interest rate is not cut, and the RBA does not heavily hint that a cut is coming soon, the price could rise and get above this level and take off, at least for a while. The AUD is also being given some headwind with the market’s expectation of more QE globally, which helps the AUD somewhat as it is a commodity currency.
Concerning the AUD, there will be a release of Retail Sales and Trade Balance data at 2:30am London time, followed by the RBA Rate Statement and Cash Rate at 5:30am. There is nothing due regarding the USD, as it is a public holiday in the U.S.A.