AUD/USD Forex Signal - 27 September 2016

AUD/USD Signal Update

Yesterday’s signals were not triggered as unfortunately the support at 0.7604 was hit before 8am New York time. It turned out to be a great support level.

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 period.

Short Trades

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

  • 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 run.

 

Long Trades

  • Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7604, 0.7567 or 0.7530.

  • Place the stop loss 1 pip below the local swing low.

  • 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 run.

AUD/USD Analysis

We have a long-term bullish trend, and we have strong buying at or near the closest key support level identified at 0.7604. However, the past few hours seem to show the upwards move is peaking, at least for now, after topping at the key resistance level identified above at 0.7692.

As this level has already been hit, I would not look for a sell there again just yet. It is an overall bullish environment anyway and we are far from seeing anything that might really call that into question in any serious way.

AUDUSD

There is nothing due regarding the AUD. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm 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.