Tuesday, May 25, 2010

AUDUSD—found support?

AUDUSD touched .8067 this morning before rallying slightly. Based on the support level and the existence of positive divergence on the three-hour chart, I bought at .8093. I took some partial profits at +65 pips. After gettting to .8179 (so far today), sellers came in so it's fallen back a bit. There's also a daily speed line coming in here. If it gets through this resistance, the next resistance levels are at .8310, .8366, .8578 and .8610. Support is at .8067, .8000, .7932 and .7830.

Here is 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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