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  4. AUD/NZD Signal - November 7, 2011
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AUD/NZD Signal - November 7, 2011

By Fadi Steitie
Fadi Steitie
By 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.

By: Fadi Steitie

Currency: AUD/NZD
Trend Expected Direction: Down
Strategy: Fibonacci Trading + Japanese Candles + RSI
Description: Fibonacci relationship 0.618, 1.618, and 2.618 as shown (Red Circles) with a drop in RSI indicator. We can notice on upper resistance by 2.618 fib level Inverted Hammer followed by a Bearish Engulfing Candles (Red Circle) which indicate a change in trend direction.
Action: Sell
Target Area: 1.29570
Stop Loss: 1.31690
Risk: N/A
Good luck!!

AUD/NZD Signal - November 7, 2011

Want some insights into other currency pairs?  Read our weekly Forex forecast of major currency pairs.

Fadi Steitie
By 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.

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