AUD/USD Signal April 16, 2012

Fadi Steitie

By: Fadi Steitie

Currency: AUD/USD
Trend Expected Direction: Down.
Method: Elliott Waves and Fibonacci Trading.
Description: A quick correction based on equality in Relative Strengths in comparison of waves b & ii as shown in chart! Dropping cycle one has ended with irregular pattern at 1.02430 with a break in falling channel at 1.03100. I don't expect the new uptrend to last for a long time, but it could create a short profitable opportunity due to divergence on RSI and trend behavior and a drop in US Advance Retail Sales.
Recommendation: Buy and hold
Target Area: 1.06000
Stop Loss: 1.02250

AUD/USD Signal 4/16/12

About the Author
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.

Currency Pairs:
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3 User comments
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fadisat
2012-04-19 20:55:52Z

The new target will be set to 1.04300.

Regards,
Fadi

fadisat
2012-04-19 12:41:56Z

Thank you for your message Batzcarantes. I will post update on this pair! Stay tuned.

Regards,
Fadi

batzcarantes
2012-04-19 01:59:47Z

hello!
is there any chance that this will still hit 1.06000?
seems that it went back to 1.03 level.


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