AUD/USD Forex Signal - 1 August 2016

AUD/USD Signal Update

Last Thursday’s signals were not triggered as none of the key levels were reached.

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be entered from 8am New York to 5pm Tokyo time, during the next 24 hours.

 

Short Trade 1

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7658.

  • Place 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.

 

Long Trades

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7576, 0.7549 or 0.7493.

  • Place 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.

AUD/USD Analysis

Weakness in the USD drove this pair up fairly strongly at the end of last week. So far the price peaked just beyond the key resistance level of 0.7606. At the time of writing the price is very close to the nearest support level of 0.7576 but I expect that support will probably be quite weak. The next level, at 0.7549, should be a much better bet for a long trade if there will be a bullish price action reversal there.

AUDUSD

Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Concerning the AUD, there will be a release of Building Approval and Trade Balance data at 2:30am.

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.