AUD/USD Signal Update
Last Thursday’s signals were not triggered as unfortunately the bearish engulfing candle rejecting the resistance level identified at 0.7729 arrived before the New York session began.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered before 5pm Tokyo time, over the next 24-hours period only.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7627.
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
Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7443.
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
Although the USD is very strong now, against everything, the AUD is holding up better than most other currencies. This has not stopped the price here breaking through support, but it has spent most of the day trapped between 0.7563 and 0.7533 which is a narrow range, suggesting a breakout is due. As the range is so narrow, I would not be looking for a rejection of either of these two levels, and instead would look to the next closest levels on either side. It is likely that the wait for the important release later from the RBA will constrain the price until the Asian session.
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There is nothing due today regarding the USD. Concerning the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 12:30am.