AUD/USD Forex Signal

10 August 2017 9:02:32 AM

By: DailyForex.com

Yesterday’s signals were not triggered as the bearish price action took place about 0.7887.

 

Today’s AUD/USD Signals

Risk 0.75%.

Trades must 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 0.7944

· 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 ride.

 

Long Trade 1

· Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7836.

· 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 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 price remains contained within a medium-term bearish channel, which is in turn contained within a long-term bullish trend. We have had another rejection of the upper trend line of the channel, clearly shown in the chart below, although an anticipated resistance level has also been erased. A break above the channel will still be a bullish sign. We do see a very short-term bullish support line with three taps, which can sometimes come before a major upwards move. However, sentiment is currently bearish on this pair, so it would probably require some very positive U.S. data later to turn that around and produce such a bullish break.
AUDUSD

Regarding the USD, there will be releases of PPI and Unemployment Claims data at 1:30pm London time. Concerning the AUD, the Governor of the Reserve Bank of Australia will be speaking at 12:30am.

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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