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AUD/USD Forex Signal - 28 April 2015

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

AUD/USD Signal Update

Yesterday’s signals were not triggered as the price never reached either 0.7900 or 0.7762.

Today’s AUD/USD Signals

Risk 0.75%

Trades may only be taken between 8am London time and 5pm New York time only, or after 8am Tokyo time later.

 

Long Trade 1

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7840.

  • Put 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.

 

Long Trade 1

  • Go long following some bullish price action on the H1 time frame immediately upon the next touch of 0.7840.

  • Put 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.

 

Short Trade 1

  • Go short following strongly bearish price action on the H1 time frame immediately upon the next entry into the zone from 0.7900 to 0.7940.

  • Put 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.

AUD/USD Analysis

This pair continues to look bullish although it now approaches an area of strong resistance. Yesterday it flipped previous resistance at 0.7840 to support and a return to this level could be a good opportunity to look for a long trade.

Above, a strong reversal above 0.7900 could be a good area at which to enter a short, and if this could survive until a possible USD-positive FOMC tomorrow, it would be a good opportunity.

The longer-term charts look like this pair is beginning to turn seriously bullish, which is something to keep in mind.

AUDUSD 42815

There are no more high-impact events scheduled today concerning the AUD. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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