AUD/USD 5 JULY 2012

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Seems like we have a B high in place up at 1.0319. We are in no man’s land on Aussie at present.

FOR TODAY:

We need price to retrace to the 618/786 of this swing for a long trade setup. A sustained break of 1.0319 opens the upside with a new AB swing in play.

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

SHORT: Will be going short only IF:

No trade setup, we don’t have system requirements for a short trade.

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 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.