AUD/USD Signal Update
Last Thursday’s signals were not triggered.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7569, the trend line currently sitting at around 0.7500 or 0.7467.
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 ride.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting just under 0.7700, 0.7723 or 0.7764.
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 ride.
AUD/USD Analysis
There has been a definite downwards trend over the past week or so, ever since the RBA made a rate cut more likely in the foreseeable future, but there is no doubt that it looks as if we are seeing a bottoming out from the supportive level at 0.7569. Therefore we may be due an upwards move, and that seems to be suggested by the current price action.
There is minor resistance at 0.7625. If the price can break above there, I see it going to at least 0.7675 or so.
Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. Concerning the AUD, there will be a release of Building Approvals data at 2:30am followed by the Cash Rate and RBA Statement at 5:30am.