AUD/USD Forex Signal - 9 February 2016

AUD/USD Signal Update

Yesterday’s signals produced a winning long trade following the bullish hourly candle rejecting the trend line, although the remainder of the trade would have been stopped out by now.

 

Today’s AUD/USD Signals

Risk 0.75%

Trades must be entered from 8am New York time to 5pm Tokyo time only.

 

Long Trade 1

* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6992.

* 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 1

* Go long following a strong bullish price action reversal on the H1 time frame immediately upon the next touch of 0.6940.

* 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 after bearish price action on the H1 time frame following a touch of the broken bullish trend line which currently sits at around 0.7072.

* Put 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

This pair is now showing a slight bearish bias but does not seem to be going anywhere in a hurry at the moment. The most interesting feature we can see is the trend line shown in the chart below which now seems to have flipped from support to resistance. However the price is quite likely to find it tough to break down past the support levels shown below.

Both of the currencies in this pair are weak at the moment.

AUDUSD

There is nothing due today concerning either the AUD or the USD.

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.