AUD/USD 30 MAY 2012

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

We are short this pair with limits set at 9746.

FOR TODAY:

Price found resistance at the 786 highs again yesterday and has since broken yesterday's low during the Asian session. This should open the way down to the 9746 limit. We look to sell after rallies and bearish cs formations until 9746 reached.

Long trade setups are considered once we reach the BF786 followed by 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:

Today is a DA786 trading day, we are looking for price to continue down towards the 9746 limit. We will look to sell after a rally and a bearish cs formation with limits set at 9746. Stops will be placed 13 pips above the cs formations. 

If price just falls from current levels without a rally then we stand aside.

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:

We are looking for price to extend to the BF786 followed by a bullish cs formation for a long trade setup.

We will wait for that setup, until then we stand aside on long trades.

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