AUD/USD 4 APRIL 2012

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

We had the bearish cs formation at the 618 as mentioned yesterday – but the stop was too big and price never tested it again. Price went on to rally past our 1.0338 level mentioned yesterday.

FOR TODAY:

Price broke the B low giving us a new A up at 1.0464 and we are still waiting for a B swing low to form. Until we have that we cannot do anything.

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 setup here since we don’t have a swing low yet.

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 trade set-up since we need a swing low first.

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