AUD/USD Forex Signal - 24 November 2015

AUD/USD Signal Update

Yesterday’s signals were not triggered.

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be taken from 8am New York time until 5pm Tokyo time today.

Long Trade 1

* Long entry 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.

* 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.

* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

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.

* 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 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.

* 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

Unfortunately the price did not dip again to the area between 0.7169 and 0.7150, but the chart below is showing some nice bullish action with the price going higher after retesting the former resistance there. Although the USD is fairly strong now, this pair is technically looking bullish at least over the medium to short term.

The level at 0.7250 which is a key number psychologically was a previous swing high so there might be resistance there which could be significant. Beyond that the area close to 0.7300 should be an attractive area in which to find a short trade.

AUDUSD

Regarding the AUD, there are no high-impact news releases scheduled today. Concerning the USD, there will a release of Preliminary GDP data at 1:30pm followed by CB Consumer Confidence at 3pm.

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.