AUD/USD Forex Signal - 15 February 2017

Yesterday’s signals were not triggered as there was no bullish price action when the supportive trend line at 0.7645 was hit.

 

Today’s AUD/USD Signals

Risk 0.75%.

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

 

Short Trade 1

* Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7690.

* 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

* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7606.

* 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

Janet Yellen’s hawkish comments on U.S. monetary policy was enough to send the price down quite sharply against the prevailing trend, invalidating the supportive trend line, but it is significant that the price has bounced back and is trading at about the same price as yesterday. We have long-term and short-term bullish trends in force. The area around 0.7700 remains very significant resistance. It will probably be a very pivotal point with an eventual strong breakout or fall from there becoming likely.

AUDUSD

Regarding the USD, there will be a release of CPI and Retail Sales data at 1:30pm London time followed later by the Chair of the Federal Reserve testifying before Congress at 3pm, and Crude Oil Inventories numbers half an hour afterwards. Concerning the AUD, there will be a release of Employment Change and Unemployment Rate data at 12:30am 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.