Today’s AUD/USD Signals

Risk 0.75%

Trades may only be entered from 8am New York time until 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 0.7583.

* 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 Trades

* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7493 or 0.7458.

* 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 area around 0.7500 has proved to be good support as I had thought might well happen. The price has managed to overcome the minor resistance at about 0.7530 in the area of the previous key swing low. The pair is starting to look more bullish as the USD gives up some of its recent strength. However, the price has been finding it hard to get above 0.7550 during the past few hours so it is a very muted kind of bullishness.

Ahead of the really crucial U.S. data due later today and especially tomorrow (Friday), the outlook is very uncertain.

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by ISM Manufacturing PMI at 3pm.