AUDUSD made a new high this morning, 1.0362. It has achieved several price targets with this high; there are still targets up into the 1.06 area. On the way there, however, there will be some key resistance. 1.0400 is psychological. On the weekly chart, there is resistance at 1.0500.
On the three-hour chart, price has pulled back to the uptrend line. I added a fourth small position. If it falls below the uptrend line, look for support at 1.0314 and 1.0205.
© 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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