AUD/USD Forex Signal - 9 June 2015

AUD/USD Signal Update

Yesterday’s signals were not triggered as there was no bearish price action at 0.7667.

Today’s AUD/USD Signals

Risk 0.75%

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

 

Long Trade 1

  • Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7550.

  • Put 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.

 

Short Trade 1

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7720.

  • 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

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7805.

  • 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.

AUD/USD Analysis

The pair rose yesterday with the general fall in the USD but formed a double top at 0.7721 before falling during the Asian session with some momentum. The USD is now gaining back some of the ground lost yesterday. I expect that this double top will now be resistive. We have lost the level at 0.7667. Below, there remains key support at 0.7550 which is very close to the psychologically crucial 0.7500: this could be an area at which we see a long-term turn.

AUDUSD 6915

There are no high-impact events scheduled today for the USD. The Governor of the RBA will be speaking late in the day in Australia.

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.