AUD/USD Forex Signal

13 June 2017 8:57:58 AM

By: DailyForex.com

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

Today’s AUD/USD Signals

Risk 0.50%.

Trades must be entered from 8am New York time to 5pm Tokyo time, over the next 24-hour period only.

Short Trade 1 

  • Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7625.
  • 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 ride.

Long Trades

  • Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7517 or 0.7498.
  • 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 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 was correct to foresee a further rise in the price yesterday, but the price has sold off in recent hours, forming a double top at the recent high price. Support levels are completely intact, and the overall picture is bullish, and this will not change unless there is a sustained break below the supportive area centred on the major psychological number of 0.7500.

AUDUSD

There is nothing due today concerning the AUD. Regarding the USD, there will be a release of PPI data at 1:30pm 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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