AUD / CAD: Opportunity for new short, close to the diagonal resistance

14.04.2017 / 06:30

Rating:

AUD/CAD:

Date: 14 April, 2017

H4 Chart: Longterm long trend shortterm short movement.

After reaching its previous high at 1.03300, the price turned its movement and went down. After this decline the horizontal support area around 1.0100- 1.01200 was broken and the price went down. Now the price returns to test the same zone. Earlier shaped diagonal resistance is also stopping the price, and also is the 50 period moving average. 50 is below 200 EMA giving indication for short movement. Fibo 38.2% coincides with horizontal and diagonal resistance.

Price Action: Doji bar on strong horizontal and diagonal resistances levels - Sifnal for possible short movement.

Alternative scenario: If the price goes up and break above the diagonal and horizontal resistance, it will spoil the bearish scenario.

Price for taking short positions near 1.00900

SL: 1.01300

Trader Senan Fuchedzhiev

Varchev Traders

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AUD / CAD: Opportunity for new short, close to the diagonal resistance

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