AUD/USD Forex Signal - 11 March 2015

AUD/USD Signal Update

Last Monday’s signals expired without being triggered as the price never reached 0.7753.

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be taken between 8am London time and 5pm New York time only, or after 8am Tokyo time later.

 

Short Trade 1

  • Go short following some bearish price action on the H1 time frame immediately upon the first test of 0.7683.

  • Put 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.

 

Short Trade 2

  • Go short following some bearish price action on the H1 time frame immediately upon the first test of 0.7738.

  • Put 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.

USD/JPY Analysis

The strong rise in the USD over the past couple of days has pushed this pair below the lower trend line of its previous consolidating triangle. There is a new resistance level very close to the broken trend line that is likely to provide excellent support if it will be re-tested.

The whole number at 0.7600 has provided some local support but this is unlikely to last. The price can be expected now to proceed down. There are no obviously supportive levels close by but the psychological number at 0.7500 has a good chance of producing a moderate bullish bounce.

AUDUSD 31115

There are no high-impact events scheduled today concerning the USD, but there will be a release of Australian Employment Change and Unemployment Rate data at 00:30 London time which may affect the AUD.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.