AUD/USD Signal Update
Last Thursday’s signals produced a losing trade following the bearish break of the bearish pin candle which was rejecting the identified resistance level at 0.7493. However, the price subsequently turned around and rose.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hours period only.
Short Trades
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7576, 0.7605 or 0.7620.
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
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7493, 0.7443 or 0.7420.
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
This is one of the most boring currency pairs right now. It has no long-term trend and has been consolidating within a range over the short-term too.
There probably will not be much direction in this market until the release later of the RBA’s minutes.
There are triple support and resistance levels bunched together both above and below so it might be hard for the price to break out of this range for a while.
There is nothing 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.