AUDUSD—at resistance

I have one long position from .8175 which is nicely up. However this is serious resistance in the .8495 area. If it can cleanly break above .8500, I'll probably add a small position. .8551 will confirm the double bottom.

Resistance is at.8495, .8523/35 and .8595. Support is at .8400, .8375, .8258, .8195, .8133, .8082 and .8067.

Here’s 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.