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AUD/USD Forex Signal - 8 December 2016

AUD/USD Signal Update

Yesterday’s signals produced a losing short trade entry following the bearish pin candle rejecting both identified resistance levels around the time of the Tokyo open.

Today’s AUD/USD Signals

Risk 0.75%

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

 

Short Trade 1

  • Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 0.7524.

  • 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 first touch of 0.7474.

  • 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

I had seen the range as stable and although strictly speaking that has been proved true with the price failing to break up above the key resistance at 0.7500, the picture is starting to look more bullish, with a more definite series of higher lows beginning to show.

A break up above 0.7500 is looking more likely, although there is a good chance the level will continue to hold.

There is new support confluent with the nearest quarter-number below.AUDUSD

There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.

Adam Lemon
About 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.

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