AUD/JPY: New long position is possible close to the diagonal support with the trend

18.11.2016 / 10:25

Rating:

AUD/JPY:

Date: 18 November, 2016

H4 Graph: Medium term long

Price is in the lower part of the high visible bullish price channel and price is above the 50 and 200 EMA's. The correction did happen and held Fib 38.2% and here there might be a good place for a new long close the the diagonal support. There is a horizontal support at 81,150. Price makes higher highs and higher lows.

Price Action: Pin bar at horizontal and diagonal support - Possible signal for long.

Alternative scenario: If the price moves lover again and below the diagonal support and below 81,30, this will cancel this scenario.

Technical Indicator:

DEM (14) - In the oversold zone and turned up for long

Price for Entry long around: 81.500

SL: 80.90

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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AUD/JPY: New long position is possible close to the diagonal support with the trend

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