AUD/USD 18 JUNE 2012

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

No trade setup on Aussie on Friday.

FOR TODAY:

We have a new B high at 1.0134, with A being down at 9850. We need a retracement down to the 618/786 of this swing followed by a bullish cs formation for a long trade setup.

Shorts are considered after a test of the BF786 followed by a bearish cs formation.

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

SHORT: Will be going short only IF:

We need a test of the BF786 followed b y a bearish cs formation for a short trade setup.

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 will wait for a retracement down to the 618/786 of this AB swing followed by a bullish cs formation for a long trade setup. Place stops 10 pips below the cs formation, max 1% risk. Limits define at time of entry.

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