NZD/USD Signal- December 12, 2011

By: Fadi Steitie

Currency: NZD/USD
Trend Expected Direction: Up
Strategy: Ichimoku Kinko Hyo
Description: With a drop in 52 days Senkou B (Orange) gives an indication of losing resistance power on general trend. We also notice that Tenkan (Blue) moved above Kijun Red which gives a good positive sign for a Bull movement. On the other hand, in term of Japanese Candle Sticks, We can see a strong green candle just above Tenkan hits Kijun followed by a range of small sessions ends with a drop on Tenkan bounced with a clear Hammer that indicate a strong bullish session coming on the way. With all the above info, I would buy the pair waiting for a bull to take action. Final note, we need to keep eyes on 0.78045 level and once price close above this level, 0.83130 is going to be our limit.
Action: Long
Target Area:Open
Stop Loss:0.75800
Risk: N/A

NZD/USD 12/12/11

Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.