AUD/USD Forex Signal - 16 March 2017

16 March 2017 10:38:06 AM

By: DailyForex.com

Yesterday’s signals were not triggered as there was no bearish price action at 0.7608.

Today’s AUD/USD Signals

Risk 0.75%.

Trades may only be entered between 8am New York time and 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 0.7731.

  • 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 Trade 1

  • Go long following some bullish price action on the H1 time frame immediately upon the next entry into the zone between 0.7636 and 0.7625.

  • 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

The Australian Dollar was the strongest gainer against the U.S. Dollar yesterday when it fell strongly after the FOMC statement. This pair is also in a long-term technical upwards trend. These facts are significant, but it is also notable that this pair just has not been able to sustain itself above about 0.7750 for a period longer than one year. A bullish break of this area would be extremely bullish and very significant, suggest a continued strong upwards movement. Alternatively, the price could fail again here, and drop over time by hundreds of pips.

AUDUSD

There is nothing due today regarding the AUD. Concerning the USD, there will be releases of Building Permits, Philly Fed Manufacturing Index, and Unemployment Claims data at 12:30pm 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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