Wednesday, March 31, 2010

AUDUSD—needs watching

If the pair can't get a good rally going today, it will close significantly off its monthly high of .9252. That would put it above last month's close of .8954 but still in a downtrend from November's high. The other issue is the downtrend line coming in from November's high of .9406 with touches at Jan. 14 and Mar. 17. It's currently at .9233 so a rally that fails at that point would not be positive. I closed out y remaining long at breakeven this morning.

Support is at .9131, .9078,.9002, .8958 (strong), .8922, .8871, .8801, .8788 (strong) and .8578. Resistance is at .9171, .9233 (strong), .9252, .9330, and .9406.

Here's the three-hour chart:

© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.

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