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, during the next 24 hours only.
Short Trades
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723 and 0.7764.
* Put 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 Trades
* Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7627, 0.7594 or 0.7576.
* Put 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
I wrote last Thursday that “the short-term bullish trend may have come to an end”, and this looks increasingly likely to have been the case, with new resistance at 0.7723 capping the price over Thursday and Friday and triggering a new downwards movement. However, we have had a recovery during the Asian session and it now seems as if the price is preparing to move up again, breaking past the questionable but clear resistance level at 0.7662. I would not look to trade off this level and as we are some way from any other key levels there are unlikely to be any really good opportunities with this pair today, at least until the key Australian central bank action during the next Asian session which might move the price considerably.
There is nothing of high importance due today concerning the USD. Regarding the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 2:30am London time.