AUD/USD 12 APRIL 2012

AUD/USD - follow me on twitter @fxdailyforecast and stocktwits.com/fxg

Price rallied and took out the A high overnight, staring a reversal on this timeframe.

FOR TODAY:

We need a B swing high before we can do anything on this chart. Until then we have no trade setup.

If we don’t get the set-up we are looking for then we don’t trade.

SHORT: Will be going short only IF:

No short entries, we don’t have a B swing high. Stand aside. Will post any developments on stocktwits.com/fxg and twitter.

If we don’t get the set-up we are looking for then we don’t trade.

LONG: Will be going long today only IF:

No long set-ups, we need a B swing high, then a retracement to the 618/786 of the AB swing for a long entry. Will post any developments on stocktwits.com/fxg and twitter.

If we don’t get the set-up we are looking for then we don’t trade.