AUD/USD Forex Signal - 9 June 2016

AUD/USD Signal Update

Yesterday’s signals expired without being triggered.

Today’s AUD/USD Signals

Risk 0.75%

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

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7549.

  • 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 ride.

 

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7412 or 0.7309.

  • 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 ride.

AUD/USD Analysis

The USD is generally weak and commodity currencies such as the AUD are generally strong. However this pair looks as if it peaked at the psychologically important big round number of 0.7500 and seems to be falling with some momentum at the time of writing. A pullback is a logical development and it should be noted the AUD has not been moving as fast as some other currencies such as the NZD and JPY.

Bullish overall with the next test probably coming at the reaction of the price to 0.7412.

AUDUSD

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.

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.