AUD/USD Forex Signal - 10 October 2016

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 0.7632 or 0.7649.

  • 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 Trade 1

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

This pair was starting to look very bullish but it broke down, below its supportive trend line and failed to rise above the round number of 0.7700, triggering a steady fall. However, we might expect the support near 0.7500 to hold as that is a key level.

The price is fairly likely to remain between 0.7530 and 0.7650 until the next FOMC minutes are released on Wednesday.AUDUSD

There is nothing due today regarding either the AUD or the USD. It is a public holiday in the United States today.

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.