AUD/NZD: Possible new short, after end of a correction by the trend

18.11.2016 / 11:49

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AUD/NZD:

Date: 18 November, 2016

H4 Графика: Medium term short trend

Price makes a correction up at levels of 1.06500 and made a double top formation. After that price started moving down. It made a small correction again at level of 1.05750 and now is starting to go down again, breaking below a support. Possible short at current levels. Price remains below both 50 and 200 EMA's.

Alternative scenario: If the price move back above and passes above the previous high and 1.05750, this will cancel the scenario

Technical Indicator:

DEM (14) : In oversold zone already

Price for Entry short around: 1.0510

SL: 1.05750

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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AUD/NZD: Possible new short, after end of a correction by the trend

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