AUD/NZD:
Date: 29 November, 2016
H4 Graph: Short Trend
Price again came up with correction. Again it tried to break the diagonal resistance two times. Horizontal resistance at 1.05900 which level did not break and price again is below it. Fib level of 61.8% did hold as well. 50/200 EMA cross is in bearish formation.
Price Action: Pin bar at horizontal and diagonal resistance - Possible signal for short
Alternative scenario: If the price breaks above and moves above the Fib 61.8% and above the both horizontal and diagonal resistances, this will cancel the bearish view.
Technical Indicator:
DEM (14) - Already turned down for short
Price for Entry short around: 1.05700
SL: 1.06200
Jr. Trader - S. Fuchedzhiev
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