AUD/USD Forex Signal - 13 September 2017

13 September 2017 9:25:18 AM

Yesterday’s signals were not triggered, as none of the key levels were ever reached.

Today’s AUD/USD Signals

Risk 0.75%.

Trades must be taken from 8am New York time until 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 0.8058.
  • 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 0.7922.
  • 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

I wrote yesterday that the bullish trend was strengthening slightly. However, this pair has developed in a more bearish way, breaking below the supportive trend lines and the key horizontal support level at 0.8022. We can also identify new, lower support at 0.8058. Overall, this pair is difficult to trade, as it is not behaving technically and does not look like it is going to respect key levels. I have no bias and see better opportunities elsewhere in other currency pairs.AUDUSD

Regarding the AUD, there will be a release of Employment Change and Unemployment Rate data at 2:30am London time. Regarding the USD, there will be a release of PPI data at 1:30pm, followed by Crude Oil Inventories at 3:30pm.

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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