NZD/USD 31 JULY 2012

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We are still in the same AB swing from yesterday. Price is attempting to break the B high.

FOR TODAY:

If the high holds then we need to wait for aretracement down to the 618/786 of this swing for a long trade set-up, else if price rallies beyond the B, then we need to wait for a new B high to form.

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

SHORT: Will be going short only IF:

No short trade setups during the retracement.

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 a retracement down to the 618/786 of this swing for a long trade setup.

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