AUD/USD Signal April 16, 2012

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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

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals based on his keen understanding of the market. Fadi is an expert in Elliott wav principles and Ichimoku Kinko Hyo, and he is a managing partner in one of the leading organizations in protective coating in the Gulf region.

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