AUD/CHF:
Date: 22 November, 2016
H4 Graph: Choppy, Possible start of a short trend
Price moved lower after forming a double top at a level of 0,76500 and after one lower high and one lower low, the price now is back up again. It stops at horizontal and diagonal resistance at a level of 0,7500. This level is also the same with Fibo level of 38,2%. Price remains below both 50 and 200 ЕМА's.
Price Action: Doji bar on strong horizontal and diagonal resistance - possible signal for short.
Alernative scenario: If the price moves up and passes above horizontal, diagonal and the level of 0.7500, this will cancel the bearish view.
Technical Indicator:
DEM (14)- Close to the overbought zone
Price for Entry short around: 0.74800
SL: 0.75200
Jr. Trader - S. Fuchedzhiev
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