Friday, December 17, 2010

USD Index—Daily

The USD index has managed to hold above its 77.98 low this week and while this is good news for the USD it also raises the bar a bit in that it now should hold above 78.82, Tuesday's low. On the daily chart below one could argue that an ABC correction is in place. Nearby resistance is 81.44 and a move over 83.60, the next resistance, would be very bullish for the buck. Again, though, with the thin holiday markets, it's not clear this will happen next week. Support is 77.98 and 75.63.

Here's the daily 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.

No comments:

Post a Comment