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AUD/USD Forex Signal - 11 January 2016

AUD/USD Signal Update

Last Thursday’s signals were not triggered, but accurately provided an area for a short entry off the rejection of 0.7072.

 

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 2

* Long entry following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6907.

* 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 0.7072.

* 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

We have had a recovery in this pair with a bounce off a long-term trend line that coincides with a recovery in stocks and risk sentiment generally – although the downwards trend is probably still not over yet. As we have just bounced off that trend line, I would look to the horizontal level below that at 0.6907 as the next probable strong support. For resistance, 0.7072 remains interesting above.

AUDUSD

There is nothing due today regarding the USD or the AUD.

Adam Lemon
About 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.

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