AUD/NZD Signal - August 15, 2013

Fadi Steitie

| on August 15, 2013 | Updated on August 15, 2013

Currency: AUD/NZD
Method: Elliott Waves
Description: Again for technical traders. After reviewing and working on AUDNZD, I realized a contracting triangle closing five minor corrective waves that meet 0.618 Fibonacci level ti its previous minor. The total formation is expected to meet 0.382 Fibo level which indicate a wave (IV) formation is in progress. I will be watching the final wave (e) correction as seen on chart which expected to reach level 1.14094 on the falling trend line. 1.14094 is a critical level in that pattern where pattern ends and new waves start. I will keep my eyes on that level and push the sell button for wave (V).
Recommendation: Watch 1.14094 price level and keep ready to sell.
Trade Duration: 7 days
Stop Loss: 1.1500
Target:Open with expectation to dive to 1.1100

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.