Tuesday, September 14, 2010

AUDUSD—overtook resistance

The pair finally moved and broke through the .9406 resistance and the price targets .9420/50 from my P&F calculations that I previously blogged about have essentially been achieved. I'm staying long for now but expect some retracement before it continues up, that is if it continues up. The bulls now have the 2008 .9851 high in mind but it's not a sure thing by any means. Even if that's the route, there will be some retracements coming up so people will have a chance to catch the long. .9500 is the next resistance level. Support is at .9362, .9314, .9207/00, .9185/70, .9092, .9067. .8911, and .8872/61.

The weekly chart shows that with the break upwards of the downtrend line the path looks good.

© 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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