US DOLLAR 5 JULY 2012

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

We are in a down-swing on the dollar index on this timeframe. Price rallied shy of the 50 yesterday.

FOR TODAY:

We need a rally to the 618/786 followed by a bearish cs formation for a short entry, or a break of the B low giving us a new AB swing.

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

SHORT: Will be going short only IF:

Shorts are only considered up at the 618/786 after clear bearish cs formations.

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

LONG: Will be going long today only IF:

No long trade setups at present.

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