April 23, 2007 ☼ Blog ☼ Archive ☼ AUDUSD ☼ Forex

The Austrailian Dollar dropped this morning against the USD and I’m watching key support levels for possible entry points. So far, none of my limit BUY orders in AUD/USD and EUR/USD have been executed. That’s fine by me because my new trading plan requires super doses of patience and stalking. :) When I logged into Oanda this morning, the first chart I pulled up was EUR/JPY. The Yen rallied last night as traders are still on edge about carry trade unwinding.  As I discussed previously, something’s going on with the Yen for sure. Last week’s currency model indicated spastic trend flips UP and DOWN which typical hints at a possible top (or bottom) in a trend.  Since I monitor my currency models daily and I’ll be checking what it says later this morning!