AUD/USD:
Date: 17 January, 2017
H4 Graph: Long term short, Medium term Choppy, short term long move
After the price started going up, it formed a bullish price channel, but it stopped its move up just below the strong horizontal resistance at 0.75200. Then it formed bullish flag formation just below the resistance and made a break above the flag and horizontal resistance. This is giving us a possible signal for continuation of the long move up.
Price Action: Break up of the bullish flag formation and strong horizontal resistance - Possible signal for long.
DEM - Still not in overbought zone.
Alternative scenario: If the price moves back lower and moves below the horizontal support of 0.75200 , this will cancel this bullish scenario.
Price for Entry long around: 0.75400
SL: 0.7500
Trader - S. Fuchedzhiev
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