By: DailyForex.com
AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no suitably bullish price action at any of the levels which were reached during the session.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hours period.
Short Trades
* Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 0.7419 or 0.7432.
* 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 first touch of 0.7380 or 0.7343.
* 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 fell very sharply against the USD yesterday, probably being dragged down somewhat by the plunging Japanese Yen, and the U.S. Dollar was of course very strong.
We have seen a flipping of the previously supportive area around 0.7425 into new resistance, confirmed by a failed retest from below a few hours ago. This is a bearish sign, but the level at 0.7380 does not look as if it is about to break so we are quite likely to see some ranging action for a while.
Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed later by ISM Manufacturing PMI at 3pm. Regarding the AUD, there will be a release of Retail Sales data at 12:30am.