AUD/USD Forex Signal - 16 November 2015

AUD/USD Signal Update

Last Thursday’s signals were not triggered as the bullish price action happened at too low a level to properly trigger a long trade.

 

Today’s AUD/USD Signals

Risk 0.75%

Trades must be made between 9am New York time and 5pm Tokyo time today only.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7105.

* 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.

* 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 Trade 2

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7072.

* 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.

* 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.

 

Short Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7163.

* 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.

* 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.

 

Short Trade 2

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7218.

* 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.

* 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.

 

AUD/USD Analysis

The long-term bearish channel continues to contain this pair although it is starting to look as if it will break out and reach to at least 0.7163. If it does not fall back to within the bearish channel

quickly that will be seen as a bullish trend change, but the resistances at 0.7218 and 0.7294 are likely to be strong. This pair is really behaving very technically at the moment, so should give some good technical trades even if they are only for 20 pips or so. Scalpers should take note.


AUDUSD

There is nothing due today regarding the USD. Concerning the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 12:30am London time.

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.