AUD/USD Forex Signal - 1 September 2016

Adam Lemon

AUD/USD Signal Update

Yesterday’s signals produced a profitable long trade following the bullish break off the inside candle rejecting the support level identified at 0.7493. The stop should have been moved to break even and the trade is still in play and in profit.

Today’s AUD/USD Signals

Risk 0.75%

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

 

Short Trade 1

* Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7583.

* 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 Trades

* Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7493 or 0.7458.

* 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.

 

AUD/USD Analysis

The area around 0.7500 has proved to be good support as I had thought might well happen. The price has managed to overcome the minor resistance at about 0.7530 in the area of the previous key swing low. The pair is starting to look more bullish as the USD gives up some of its recent strength. However, the price has been finding it hard to get above 0.7550 during the past few hours so it is a very muted kind of bullishness.

Ahead of the really crucial U.S. data due later today and especially tomorrow (Friday), the outlook is very uncertain.

AUDUSD

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by ISM Manufacturing PMI at 3pm.

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

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.