AUD/USD Forex Signal

19 June 2017 9:49:19 AM

By: DailyForex.com

Last Thursday’s signals were not triggered as none of the key levels were reached during the previous session.

Today’s AUD/USD Signals

Risk 0.75%.

Trades may only 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 0.7625.
  • 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 Trade 1

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7566.
  • 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

We now see this pair’s strong advice being held by strong resistance at 0.7625. This is, provisionally, a bearish sign, but there have been no breaks of key support levels yet. Until that happens, it would be correct to call this a pause in the upwards movement. It is worth noting though that the levels at 0.7625 and 0.7750 have provided strong, long-term resistance, so a major bearish reversal is quite possible here. If it happens, it will probably be driven primarily by a strengthening of the U.S. Dollar, and will be most strongly felt in the EUR/USD currency pair.

AUDUSD

There is nothing due today concerning the USD. Regarding the AUD, there will be a release of the RBA’s Monetary Policy Meeting Minutes 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.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a DailyForex.com Account Now