AUD/USD Signal Update
Last Thursday’s signals expired as none of the key levels were reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7442.
Put 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.
Short Trade 2
Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7476.
Put 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.
AUD/USD Analysis
This pair has been very quiet since my last forecast on Thursday. This is not surprising as there are major statements due shortly from the central banks of both sides of this pair, in advance of which the action is liable to be limited.
The price has tried to rise but has not really been able to get beyond the round number at 0.9400. It looks like if there is going to be any significant short-term movement today, it will be down.
The Australian bank statement due later as the Asian session begins is likely to provide some volatility.
Regarding the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 2:30am London time. There is nothing due concerning the USD.