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katetrades
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I'm a currency trader with more than 10 years of trading experience. My trading framework involves both fundamental and technical analysis. Currently I'm working as a market analyst at Forex and CFD broker Trader's Way.
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Trader's Way
  • Trade Setup For The Day: Short AUD/USD (February 14, 2013) 0 comments
    Feb 14, 2013 11:53 AM

    AUD/USD is on a falling channel on the 4-hour time frame and is currently testing the top of the range around 1.0350. This is in line with a Fibonacci retracement level and is a minor psychological resistance. With no reports due from Australia for the rest of the week, the downtrend could resume as fundamentals in the country remain poor.

    (click to enlarge)

    A short trade around 1.0350 or a few pips lower with a tight stop above the channel and a target at 1.0250 would offer a good reward to risk ratio.

    By Kate Curtis from Trader's Way

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