AUD/USD Forex Signal - 29 June 2017

Yesterday’s signals were not triggered as there was no bearish price action at 0.7625.

 

Today’s AUD/USD Signals

Risk 0.75%.

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

 

Short Trade 1

· Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7683.

· 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 Trades

· Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7629.

· 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

This pair has seen a strongly bullish development was a big breakout beyond the long-term resistance level and bearish trend lines at about 0.7625. The price is now at levels which have not been reached for 3 months, and if it continues to rise, will test very long-term highs. I have a bullish bias. The Australian Dollar is now looking stronger than the New Zealand Dollar in a reversal of their respective recent roles.

AUDUSD

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Final GDP and Unemployment Claims data at 1:30pm 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.