US DOLLAR 16 JULY 2012

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Price retraced to the 50 of the AB swing thus far. We are close to an interim support level on the 1h chart as well.

FOR TODAY:

We will wait for a retracement down to the 618/786 of this AB swing for a long entry. We have no short setups at present.

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 set-ups at present.

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 can consider a long position if price finds support at the 128 lows.  Else lower down at the 618/786.

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