AUD/NZD:
Date: 15 November, 2016
H4 Graph: Long Trend
After the price made a deep correction down to Fib level of 61,8% to 1.036, price started moving up and break up above two horizontal resistances 1.054 and 1.060. Now price continue up after it made a retest of the horizontal and diagonal supports at 1.060. The price is close to the diagonal support and this is a good place for a long.
Price Action: Pin bar at horizontal and diagonal support - Possible signal for long
Alternative scenario: If the price move down again below the horizontal and diagonal supports and below 1.0600, this will cancel the bullish view.
Technical Indicator:
DEM (14) - Close to the overbought zone
Price for Entry long around: 1.064
SL: 1.05900
Jr. Trader - S. Fuchedzhiev
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