DailyFX Forex Forum | FX Forum - View Single Post

		DailyFX Forex Forum \| FX Forum
Sidebar Wrapper

Thread: Trend of the Day

View Single Post

#676 (permalink)

07-16-2009, 04:10 AM

Gregory McLeod Gregory McLeod is offline

DailyFX Power Course Instructor

Join Date: Sep 2007

Posts: 1,462

Gregory McLeod is an unknown quantity at this point

The Trend of the Day - AUD/USD

Aussie Dollar - Pop or Drop?

The Aussie Dollar has staged an impressive comeback since breaking its upward daily trend line back in late June. Its rally has carried it up to the very bottom edge of this support trend line. It is rare that a a currency pair can break back above a broken trend line. Technical Analysis 101 tells us that "old support becomes new resistance". Technical Analysis also tells us that there are no guarantees. Look for either a convincing closing candle break above the channel resistance to enter long or a bearish reversal candlestick pattern at the daily trend line to initiate shorts.

Attached Images

__________________
Gregory McLeod moderates the Trend of the Day thread as well as the Short Term Strategies Using Market Depth.

Enroll in our online FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click here to get more information.

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.