redbacka's - reinin' in the buyin' - wednesday, page-36

Hi Retska,

I actively trade the AUD/USD pair, and have been long AUD since the 28th of Nov. I have been looking for a reason to sell over the last couple of days, but have not found one.

We are stuck on a trading range between two fibs, with both offering strong support and resistance, and as yet I have not seen a good reversal signal.

I thought we might have got one on the DOW last night, but we did not. Now I anticipate that the AUD may continue to run up with the DOW all this week, with the move culminating toward the end of the EU conference. This would also be consistent with its current trading range over the last few months.

First chart show AUD/USD with fibs.

The second chart shows the DOW and how much it has left to run before there is so much resistance that it is just insane.