AUD/USD 13 JULY 2012

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We are still in an uptrend on this pair. Price retraced just past the 618 of this AB swing thus far and has rallied during the Asian session.

FOR TODAY:

Since we had a strong bounce yesterday, today we will look to buy after dips followed by a bullish cs formation for a long trade setup.

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

A sustained break of 9995 will start the reversal process on this timeframe. A violation of 1.0328 opens the upside on this pair.

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 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:

Today is a DA618 trading day where we will look for dips followed by a bullish cs formation for a long trade setup. Limits here will be 50-60 pips, stops are placed 10 pips below the low of the cs formation.

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