Confessions of a Forex Trader

Earlier this morning the AUDUSD was trading just at an important long term support level, it created a little range in the short term charts, but now it is trading above that range. Please take a look at the next chart:

AUDUSD

Now that the market is trading above the short term range, it has a clear path to the next long term resistance level.

My Trading Plan:

As long as the market keeps trading above 0.8263, I will look for long trading opportunities. The next resistance level is around 0.8453.

I will ignore all short trading opportunities.

Good luck!

Raul Lopez

Tags: AUDUSD Analysis, australian dollar

This entry was posted on Wednesday, August 19th, 2009 at 8:36 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.