AUD/USD 6 AUGUST 2012

PLEASE SEE MESSAGE AT THE TOP OF TODAY'S BLOG AND THE POLL ABOVE.

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

We are in a bullish AB swing with a bounce at the A low, with price having reached the area of resistance where failure is sought.

FOR TODAY:

We expect price to run out of steam circa the B high. We are looking for a clear bearish cs formation for a short trade setup.

If we don’t get the set-up we are looking for then we don’t trade.

SHORT: Will be going short only IF:

Shorts will be considered after a clear bearish cs formation with targets down at the 1.0445 area. 

A sustained break of 1.0579 negates this view and continues the uptrend.

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.