AUD/USD 18 JULY 2012

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Price gave us a dip followed by a bullish cs formation yesterday but failed to break the B high, even during the Asian session.

FOR TODAY:

We are now close to the B high; we will wait for either a bearish cs formation for a short setup, or a break of the B high for continuation of the trend. A bearish cs formation, maybe after another test, will signal a move lower down.

If we don’t get the set-up we are looking for then we don’t trade.

SHORT: Will be going short only IF:

Shorts are considered if we get a clear bearish cs formation while inside the B high. A break of 1.0328 negates this view and opens the upside.

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 might establish long positions on dips, only if a clear setup presents itself.

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