AUD/USD Forex Signal

Yesterday’s signals produced a short trade off a bearish outside candle rejecting the resistance at 0.7692, but it was a losing trade, not making even the minimum 20 pips of profit required.

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hours period.

Short Trades

* Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723 or 0.7750.

* 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

* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7692.

* 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

The AUD continues to be bullish. A glance at the hourly chart below shows it has been rising strongly over the past several days and has moved today even more strongly than its sister pair NZD/USD, which has been maintaining a clearer, stronger long-term bullish trend.

It is now right at a key resistance level with another very important one close by: 0.7750. This area still seems likely to hold the price for a while. A break above 0.7750 will be very bullish.

There is nothing due today concerning the AUD. Regarding USD, there will be a release of Unemployment Claims data at 1:30 pm London time, followed by Crude Oil Inventories at 4pm.