Technical Summary

AUD/USD Forex Signal

AUD/USD Signal Update

Yesterday’s signals produced a profitable long trade following the bullish engulfing / bullish inside bar combination rejecting the identified support level of 0.7446. It would probably be a good idea to take nearly all of any profit off the table now as the price looks likely to consolidate and we have a very large event risk due tomorrow.

Today’s AUD/USD Signals

Risk 0.75%

Trades must be entered between 8am New York time and 5pm Tokyo time only.

Short Trade 1

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7549.

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 Trades

Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7446, 0.7421, or 0.7376.

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.

AUD/USD Analysis

Risk sentiment continues to be more bullish and this pair has been a bullish beneficiary of that, although we saw that the big psychologically important round number at 0.7500 has so far been just too tough to crack.

It looks as if the pair will consolidate ahead of the British vote tomorrow. A Remain vote will send the pair up past 0.7500 and would probably enable some good long trading over the coming week or so.

AUDUSD

News Source:https://www.dailyfx.com

 

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