AUD/USD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time to 5pm Tokyo time, during the next 24-hours period.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7664.
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 Trade 1
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7603.
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 AUD was boosted earlier by the release of the Reserve Bank of Australia’s rate statement which was received fairly bullishly by the market. The Cash Rate was left unchanged at 1.50%. We saw subsequently the resistant round number at 0.7600 flip to probable support. The upwards movement may be running out of steam now or at least consolidating as the market awaits important U.S. data after New York opens later.
It should be remembered that although the long-term upwards trend is weak and unreliable in this pair, it does exist, and a break above the multi-month high price of 0.7860 would make things look much more bullish. We are not too far away from this number.
Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time. Concerning the AUD, there will be a release of GDP data at 2:30am.