AUD/USD Forex Signal - 9 August 2017

09 August 2017 10:00:43 AM

By: DailyForex.com

Yesterday’s signals were not triggered as there was no bullish price action at 0.7878.

 

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-hour period.

 

Short Trade 1

· Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7887.

· 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 run.

 

Long Trade 1

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

· 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 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 remains contained within a medium-term bearish flag, which is in turn contained within a long-term bullish trend. This suggests that a breakout above the upper channel trend line should produce a move up to at least the next resistance level at 0.7992, although there is also a possibility of resistance being felt before that at 0.7950. The bullish breakout case is looking much less strong than it was yesterday, as a support level has broken down and the upper trend line of the flag channel has been tested and it held. The resistance at 0.7887 may already be worn out, so it might be the upper channel trend line where a short trade might best be found soon.


AUDUSD

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm 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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