AUD/USD Forex Signal - 8 March 2017

 

Yesterday’s signals were not triggered as none of the key levels were ever reached.

 

Today’s AUD/USD Signals

Risk 0.75%.

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

 

Short Trade 1

* Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7669.

* 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 0.7544.

* 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

The pair has been selling off and looks set for another test of the nearest support level at 0.7544 below, where it might make a bullish double bottom. It may already have found support at an earlier inflection just above 0.7550, from its behaviour as at the time of writing.

AUDUSD

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change numbers at 1:15pm London time, followed by Crude Oil Inventories at 3:30pm.

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.