AUD/NZD:
Date: 5 January, 2017
H4 Graph: Short Trend
Price continue to make lower highs and lower lows. Price currently is very close to diagonal resistance line and this level, coincides with horizontal resistance at 1.048/1.050. Fib zone of 38.2% of the correction. Price also remains below both 50 and 200 ЕМА.
Price Action: Engulfing bar at diagonal and horizontal resistance - Possible signal for short
DEM (14) - Has been alredy in overbought zone and now turned down for short
Alternative scenario: If the price breaks up above the diagonal and horizontal resistance, not only will cancel the bearish view, but it might also give us a signal for long instead. But long only after retest of the current resistance line.
Price for Entry short around: 1.04500
SL: 1.05200
Jr. Trader - S. Fuchedzhiev
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