AUD/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at either 0.7651 or 0.7636.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time, over the next 24-hours period.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 0.7675.
Put 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 Trades
Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7616 or 0.7563.
Put 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 trade is 20 pips in profit and leave the remainder of the position to ride.
AUD/USD Analysis
Interestingly, although the USD fell quite sharply against most currencies during recent trading sessions, it gained against the AUD, and now the USD is recovering elsewhere, the AUD is gaining against it!
The long-term technical picture shows the price contained within a wide but consolidating triangle. Despite the consolidation, the price is still swinging.
The AUD remains one of the more long-term bullish currencies, but it seems that whatever is driving the USD down is also bad for the AUD, so it may be hard to profit from short USD here.
There is a very clear support level below at 0.7616.
Concerning the USD, there will be a release of ADP Non-Farm Employment Change data at 12:15pm London time followed by Crude Oil Inventories at 2:30pm and the FOMC Statement and Federal Funds Rate at 6pm. Regarding the AUD, there will be a release of Trade Balance data at 12:30am.