AUD/USD Forex Signal - 30 May 2016

AUD/USD Signal Update

Last Thursday’s signals were not triggered.

Today’s AUD/USD Signals

Risk 0.75%

Trades must be entered between 8am New York time and 5pm Tokyo time.

 

Short Trades

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7250 or the trend line which is currently sitting at around 0.7210.

  • 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 run.

AUD/USD Analysis

The AUD is one of the weakest of all currencies. This pair especially in a strong downwards trend over both the long and short-term, and seems to face no strong support until 0.7000 so it looks as if it has some way to fall fairly easily.

The level at 0.7250 still looks very attractive for a short trade, and we also have a strong bearish trend line below that as well as a round number at 0.7200 which it will soon be confluent with.

This is a good pair to be short of. However it is possible we may get some kind of short-term bullish bounce at around 0.7150.

AUDUSD

There is nothing due today concerning either the AUD or the USD. It is a public holiday in both London and New York.

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.