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  1. DF
  2. Technical Analysis
  3. Free Forex Signals
  4. AUD/USD Signal February 20, 2012
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AUD/USD Signal February 20, 2012

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/USD
Trend Expected Direction: Up.
Method: Elliott Waves and Fibonacci Trading.
Description: Cycle in AUD/USD is within range of wave iv of iii and soon will be heading to v and to complete the larger III before it gets into more complex waves. However, the best buy is within 1.0600 range or near 0.382 Fib level once trend failed to this important level for this cycle and hit 0.236 instead. In this case we need to watch the market and act once trend select its direction. Anyhow, I am long here and will post my update later on Aussi.
Action: Best action is to buy within yellow range as shown on chart.
Target Area: 1.1000
Stop Loss: 1.0500

AUD/USD 2.20/12

Fadi Steitie
About 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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