AUD/USD Signal - April 19, 2012

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By: Fadi Steitie

Currency: AUD/USD
Trend Expected Direction: Up
Method: Elliott Waves ,Fibonacci, High Probability Trading
Description: After the break in the falling Zigzag that breaks on 11 April at price 1.03144 going up to 1.0450 and back down testing 1.03130 at .0618 Fib level and since that trend formed a descending triangle as shown on chart. A range bound level will remain until a breakout comes sometime next week targeting 1.04300 level before the major trend change direction. I suggest you to hold your long position.
Recommendation:Hold Long
Target Area: 1.04300
Stop Loss: 1.02250

AUD/USD Signal - April 19, 2012

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.