AUD/USD Forex Signal

16 February 2017 10:11:25 AM

By: DailyForex.com

Yesterday’s signals were not triggered as there was no bearish price action at 0.7690.

Today’s AUD/USD Signals

Risk 0.75%.

Trades must be entered from 8am New York time to 5pm Tokyo time, during the next 24-hours period only.

 

Short Trade 1

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7732.

  • 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 0.7696.

  • 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.

 

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

We finally see a sustained break above the very key 0.7700 level and with a weaker U.S. Dollar, this pair looks to be most likely to lead a possible new trend of short USD. There is further resistance at 0.7732 and it should be noted the area just above 0.7700 has held as resistance for a long time. If the price can start gaining though, that will be a very significant bullish development suggesting the possible start of a big bullish move.AUDUSD 

There is nothing due today concerning the AUD. Regarding the USD, there will be releases of Building Permits, the Philly Fed Manufacturing Index, and Unemployment Claims data at 1:30pm 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.

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