AUD/USD 8 JUNE 2012

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

Price found resistance at parity yesterday and fell 150 pips since.

FOR TODAY:

Price has reached the 382 thus far, so we are in no man’s land with Aussie.

We need price to test the BF786 followed by a bearish cs formation for a short entry.

Long trades will require a retracement down to the 618/786 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:

We need a test of the BF786 followed by a clear bearish cs formation.

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 down to the 618/786 followed by a clear bullish cs formation.

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