AUD/USD Signal Update
Yesterday’s signals were not triggered as the price action at 0.7493 was insufficiently bearish.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hours period.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7493.
Place 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 0.7443 or 0.7420.
Place 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 price has just been ranging between the key resistance under 0.7500 and the key support below at 0.7443. It is a fairly narrow range. It is hard to say what will happen next as there is crucial U.S. economic data due shortly after the New York open later which is bound to push the price through either end of this range, unless it comes in more or less exactly as expected in which case we may just get choppy volatility.
There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Retail Sales, PPI and Philly Fed Manufacturing Index data at 1:30pm London time.