AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 0.7500.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York to 5pm Tokyo times.
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 Trades
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7374 or 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
We have seen a new move up that is quite bullish, and importantly, the 0.7500 level which had been expected to be resistant was taken out quite easily. If the price can now go ahead and break up convincingly above the key resistance level at 0.7549, that would be very significantly bullish, and we could start to see this pair as commencing a long-term bullish trend.
There seems to be plenty of support below, but it is impossible to pick any key level before 0.7374. It is quite possible that the round number at 0.7400 would be very firm if reached.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm London time followed by Unemployment Claims data 15 minutes later. Then at 4pm there will be a release of Crude Oil Inventories.