NZD/USD Signal-January 3, 2012

By: Fadi Steitie

Currency: NZD/USD
Trend Expected Direction: Down
Strategy: Ichimoku Kinko Hyo
Description: With a break in support level on 9 Nov with a pull back ended on 5 Dec and another pull just occurring now and might end up tomorrow. The shape that is forming is ascending triangle with a triple tops A, C, E and double bottoms B, D. After the trend hits C, it will do another two small zigzags before it goes into a falling breakout. I do see a good opportunity to short the currency at this high level just below the red shaded resistance line with only half lots and to wait until trend breaks triangle probably end of this week and to add another half lots. The complete trade might take two to three weeks to fall down to 0.7400 area target zone. I will send a detailed follow ups on this trade using Elliott Waves counting and Fib levels.
Action: Short half lots now and another half once trend breaks support line.
Target Area: Open
Stop Loss: 0.7900