AUD/USD Forex Signal

08 June 2017 8:42:13 AM

By: DailyForex.com

Yesterday’s signals were not triggered.

Today’s AUD/USD Signals

Risk 0.50%.

Trades must be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period only.

Short Trade 1 

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7625.
  • 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

  • Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7517 or 0.7498.
  • 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.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

AUD/USD Analysis

The price remains established within a very firm short-term bullish trend, and has flipped areas of former resistance to support. Although there is no long-term trend, there are no key resistance levels before 0.7625, so it looks likely that the price will continue to rise over the next few days at least. However, the pair may find it difficult to break up above an old trend line which has already made its influence felt at the recent swing high, as shown in the chart below.AUDUSD

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.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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