AUD/USD 11 JULY 2012

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

We are still in an uptrend on this pair. Price retraced to the 50 of this AB swing thus far, and found support there again yesterday.

FOR TODAY:

We need price at the 618/786 followed by a bullish cs formation for a long trade setup.

Shorts are considered after a BF786 test with a 618/786 prior bounce.

A sustained break of 9995 will start the reversal process on this timeframe.

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

SHORT: Will be going short only IF:

Shorts are considered after a BF786 test with a 618/786 prior bounce.

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 need price to retrace down to the 618/786 of this AB swing followed by a bullish cs formation for a long trade setup.

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