AUD/USD Forex Signal - 6 June 2017

06 June 2017 9:34:08 AM

By: DailyForex.com

Yesterday’s signals were not triggered as none of the key levels identified were ever 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 Trades 

  • Go short following some bearish price action on the H1 time frame immediately upon the next touch of 0.7506 or 0.7517.
  • 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 0.7457, 0.7445, or 0.7419.
  • 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 has been rising strongly since this week’s trading opened. There was some volatility overnight caused by the RBA but it has not changed the overall picture. Despite the short-term bullishness, as there is no long-term trend, it is likely that the resistant area just above the big psychological number at 0.7500 will hold firm. 
AUDUSD

There is nothing due today concerning the USD. Concerning the AUD, there will be a release of GDP data 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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