(MENAFN- Daily Forex) 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 entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Long Trades
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Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7165 or 0.7123.
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Place the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trades
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Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7247 or 0.7275.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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 it seemed as if the directional movement may take a rest and I thought we were likely to see the price consolidate between 0.7165 and 0.7250. I had no directional bias but was prepared to take a short-term short bias if the price failed strongly at 0.7250.
This was a good and accurate call as the price has continued to consolidate within this zone. I expect that it will continue, so trades off reversals at either nearby support or resistance levels could work with conservative profit targets. 
There is nothing important due today concerning the AUD. Regarding the USD, there will be a release of PPI data at 1:30pm London time.
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