AUD/USD 9 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

Price rallied up to the A high but failed to close above it.

FOR TODAY:

A bearish cs formation from current levels will initiate a short trade setup. A clear sustained break of 1.0602 negates this view and resumes uptrend.

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

SHORT: Will be going short only IF:

We will look for a short trade setup from current levels since we don’t have a close above the high as yet.

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 since we are in the process of a reversal.

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