AUD/USD Signal Update
Yesterday’s signals expired without being triggered as none of the key levels were reached yet.
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
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7442.
Place 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.
Short Trade 2
Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7476.
Place 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 Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7231.
Place 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 price reaches 0.7300 and leave the remainder of the position to ride.
AUD/USD Analysis
The RBA Meeting Minutes had little impact upon this pair, which has been very quiet over recent days. There is increasing speculation that its strong downwards trend is over, and you can see why when you look at the chart below of the last 6 weeks or so.
However right at the moment the price does seem to be falling somewhat, as the price has really been unable to even reach the key resistance above, let alone test it. I doubt there will be a good trade today, but things are quite likely to take off in one direction or the other tomorrow with the FOMC Statement release.
There is nothing due concerning the AUD. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.