US DOLLAR 7 AUGUST 2012

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

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

We have a new AB bullish swing on the dollar index with price having reached the A low of this swing.

FOR TODAY:

Price bounced off the A low of this swing, we will to see if the low holds and price rallies, or if it gets broken starting a reversal on this timeframe.

 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 trades considered 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:

Price bounces off this level, we are looking for another test of the lows followed by a clear bullish cs formation. Limits here will be up at 100.63.

A sustained break of the A low negates this view and opens the downside.

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