AUD/USD Forex Signal

17 July 2017 9:19:33 AM

By: DailyForex.com

Last Thursday’s signals were not triggered as there was no bearish price action during that session when the price reached 0.7747 or 0.7760.

Today’s AUD/USD Signals

Risk 0.75%.

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

Short Trade 1

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7835.
  • 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 0.7778 or 0.7760.
  • 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 rose very strongly with great bullishness at the end of last week, but we held by a very long-term, multi-month inflective high above at 0.7835. Although the price has gently sold off, the action overall is bullish, and points to still higher prices once this retracement has run its course. It is quite probable this will not happen until a bullish Monetary Policy Meeting Minutes is released later during Australian business hours.

There is a long-term bullish trend, with a recent strong breakout above long-term resistance, which is another bullish sign.AUDUSD

There is nothing due today concerning the USD. Regarding the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes at 2:30am 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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