While there's not much to add to the daily analysis from yesterday, Aussie closed two pips higher than Monday's close with a lower high and lower low than Monday. This is weak behavior after Monday's disappointing price action. Watch the boundary of 1.0013—it has dipped below there this morning. A close below .9968 would be very negative.
Resistance is at 1.0158/80 (last week's high, trend line), 1.0257, and 1.0300.
Support is at .9985, .9968/44, .9916, and .9896/88.
No chart until there's more definitive price action.
© Dianne Fecteau, 2011. 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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