NZD/USD 19 JULY 2012

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

Price tested the previous days dip, broke it, but could not sustain the break, then rallied.

FOR TODAY:

We are still looking for price to head up to 8029, we will look to buy after dip 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 can only consider shorts after a test of 8029 followed by bearish cs formations.

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:

Today we are looking for dips followed by bullish cs formations for long trade setups. Place stops 10 pips below the low of the cs formation, max 1% risk, limits are up at 8019.

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