Trendline Support

Morning Dynamic Traders,

Looking at the Australian Dollar US Dollar daily chart below we can see we have a trendline support. In addition we have a fib reversal zone as well so watch this for a possible bounce. We want to see a bounce above 1.9640 for a bullish confirmation. If we have a breakdown then we could see further move down towards the areas identified as support.


Advanced Get daily chart. Data supplied by eSignal.

The Dollar sank again yesterday renewing the US financial concerns. The currency markets is looking for a direction at the moment so for short term traders this is a frustrating time. The USD is limited to a tight range keeping many professional traders on the sidelines. A Dynamic Trader has to have patience and this is the key.

Dynamic Traders don't chase trades and stand aside until the time is right to enter. Right now many scalpers and day traders will be losing money on the Euro Dollar as it is choppy intraday
and they have a necessity to trade.

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Forex Analyst
Javid Shaik