AUD/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s AUD/USD Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hours period.
Short Trade 1
* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723.
* 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 0.7649.
* 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 pair has been consolidating over the past 24 hours or so, it still looks bullish as its recent upwards move has held, and it has also succeeded in clearing the ling-term resistant trend although, although admittedly not by a great deal. This suggests that the pair is due a move up to 0.7723 if it can clear the top of its recent range. It is true that a lot of the current holding up is due to USD weakness rather than AUD strength, but the AUD is holding up well in spite of weaker than expected Chinese Manufacturing data which was released earlier.
Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm. Regarding the AUD, there will be a release of Employment Change and Unemployment Rate numbers at 1:30am.