AUD/USD Forex Signal - 8 August 2016

AUD/USD Signal Update

Last Thursday’s signals were not triggered as there was no bearish price action at 0.7658.

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be entered between 8am New York time and 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.

  • 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 Trades

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7594 or 0.7576.

  • 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

The pair remains in a slow but steady bullish trend. However, the price struggles at around 0.7640 to hold up, so it would not be surprising if the next major short-term move we seen is back down to the supportive area just below 0.7600.AUDUSD

There is nothing of high importance 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.