AUD/USD Forex Signal - 29 August 2016

AUD/USD Signal Update

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

Today’s AUD/USD Signals

Risk 0.75%

Trades must be taken from 8am New York time until 5pm Tokyo time only, during the next 24-hours period.

 

Short Trade 1

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7723 or 0.7664.

  • 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.

 

Long Trade 1

  • Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7493.

  • 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.

AUD/USD Analysis

There has been a little buying since this week opened after Friday’s sharp fall, yet it is still a small movement so it is hard to read this as the start of an up day.

We are some way from either key support or resistance and as the pair is becoming more trendless there are probably going to be better opportunities elsewhere, at least until the key Australian news during the Asian session.

AUDUSD

There is nothing due today concerning the USD. Regarding the AUD, there will be a release of Building Approvals data at 2:30am 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.