AUD/USD Forex Signal - 12 June 2017

12 June 2017 9:26:12 AM

By: DailyForex.com

Last Thursday’s signals were not triggered as although the price has come very close to the support level identified at 0.7517, it has never quite been reached.

Today’s AUD/USD Signals

Risk 0.50%.

Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period.

Short Trade 1 

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7625.
  • 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 0.7517 or 0.7498.
  • 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.

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 price looks bullish as it is holding up firmly and clearly finding support just above the level at 0.7517. The signs are suggesting a further rise in the price.AUDUSD

There is nothing due today concerning either the AUD or the USD.

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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