AUD/USD Forex Signal - 11 January 2017

11 January 2017 10:33:38 AM

By: DailyForex.com

AUD/USD Signal Update

Yesterday’s signals were not triggered as there was no bearish price action at 0.7369.

Today’s AUD/USD Signals

Risk 0.75%.

Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hours period.

 

Short Trade 1

  • Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 0.7430.

  • 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 first touch of 0.7331.

  • 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.

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

 

AUD/USD Analysis

The bullish run continues, with the former resistance level at 0.7369 being taken out, a new horizontal flipped support level being formed at 0.7331, and a new bullish supportive trend line becoming established with a few touches. The AUD is holding up well and along with Gold has been one of the best performers this week. This pair looks good for exploiting any USD weakness.

AUDUSD

There is nothing due today regarding the AUD. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a DailyForex.com Account Now