AUD/USD 06.09.2016
D1 chart.
Downward movement and correction up to 50% Fibonacci.
Price under horizontal resistance.
Price action: Hanging man at levels of resistance and probable bearish engulfing bar.
Technical indicators:
False break of 50SMA - signal for a probable decrease
DeM(14) - reverse in an overbought market
SL: 0.7515
Alternative scenario: If price goes above the resistance this will change the sentiment to bullish.
Jr. Trader Nikolay Georgiev
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