AUDUSD 13 APRIL 2012

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

Price rallied and finally seems to have given us a B swing-high.

FOR TODAY:

With the B swing high in place, we can look to sell after a BF786- followed by bearish confirmation, or buy at the 618/786 after bullish cs formations.

If we don’t get the setup we are looking for then we don’t trade.

SHORT: Will be going short only IF:

Price reaches the BF786 and gives us a bearish cs formation. Trade this for 60-70 pips since its a shallow bounce. Place stop 13 pips above the cs formation, max 1% risk.

If we don’t get the setup we are looking for then we don’t trade.

LONG: Will be going long today only IF:

We need a retracement to the 618/786 of the AB swing for a long entry. Stops below the cs formation, max 1% risk.

If we don’t get the setup we are looking for then we don’t trade.