AUD/USD Forex Signal - 23 November 2015

AUD/USD Signal Update

Last Thursday’s signals were not triggered as none of the key levels were reached until the next day.

 

Today’s AUD/USD Signals

Risk 0.75%

Trades must be made after 8am New York time until 5pm Tokyo time today only.

 

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the supportive zone between 0.7169 and 0.7150.

* 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.

 

Long Trade 2

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

* 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.

 

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7293.

* Place 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.

 

 

AUD/USD Analysis

I wrote last Thursday that this pair looks like being the best place to take advantage of any USD weakness, and there has been a nice move up prompted by a bullish break of the long-term bearish trend line that had been containing the price, as shown in the chart below.

The price eventually turned back at the psychologically key 0.7250 level, and is now settling on what looks to be a nicely supportive zone that has been reliable pivotal recently.

There is even more attractive support below that area.

AUDUSD

Regarding the AUD, the Governor of the RBA will be speaking at 9:05am London time Tuesday. Concerning the USD, there will be an announcement from the Federal Reserve on an unknown topic during New York business hours on Monday.

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.