AUD/USD Signal Update
Yesterday’s signals produced a long trade following the bullish rejection of the identified support level at 0.7493 at the end of the previous Asian session. It looks like being a good idea to take profit right away as the entry candle was so large.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York and 5pm Tokyo times, over 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 0.7576 or 0.7606.
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 0.7493.
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
The RBA cut its Cash Rate today from 1.75% to a new record low of 1.50%. The move was widely expected but still led to a drop in the AUD when it was announced along with the RBA Rate Statement. However the statement itself, while stating the need for an eased monetary policy, also was fairly bullish on continuing economic growth, and that helped this pair bounce back after its initial drop to the support at around 0.7500.
There is no doubt that the medium-term trend in this pair is somewhat bullish.
There is nothing of high importance due today concerning either the AUD or the USD.