AUD/USD Forex Signal - 8 June 2015

Adam Lemon

AUD/USD Signal Update

Last Thursday’s signals produced a small winning trade with a long off a bullish inside bar in a bounce off the support level at 0.7667.

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.

 

Long Trade 1

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7550.

  • Place 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.

 

Short Trade 1

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7667.

  • Place 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.

 

Short Trade 2

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7805.

  • Put 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 ride.

AUD/USD Analysis

The NFP on Friday pushed this pair down strongly and continued the downwards trend. It is one of the most strongly trending currency pairs right now, but the AUD is not as weak as the JPY or the NZD as can be seen this morning with the pair showing more bullish resilience the closer we get to the psychologically important 0.7500 level.

It is likely that the 0.7667 level has flipped from support to resistance, so if we reach this level today we could get a bearish reversal giving a short trade at that point.

AUDUSD 6815

There are no high-impact events scheduled today for the AUD or the USD. It is a public holiday in Australia today.

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.
Learn more from Adam in his free lessons at FX Academy

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