On the three-hour chart AUDUSD has fallen below a second channel along with RSI falling below its uptrend line. One can see a completed ABC correction with C approximately equal to A. This has taken place within a bigger correction. As with other pairs, AUDUSD has been overextended and is due for a bigger correction. Support is at .9758 and .9662. Buyers should come in at .9662 and there should be quite the battle. However the risk is there for additional drops, possibly down to .9406.
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© 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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