AUD/USD, 01.05.2017
H4 time chart: long-term choppy, mid-term short
The price formed a bullish channel and uses the upper side as a resistance. After the price made a lower low, it reversed to the upper part of the channel and now there's a possibility for a new declining movement. Here, the price meets the resistance on about 0.75470 and a diagonal resistance. 50 EMA is still under 200 EMA in bullish formation.
Price Action: Doji bar on horizontal and diagonal resistance levels - probable signal for a short movement.
DeM - close to over-bought level.
Alternative scenario: If the price breaks and maintains levels above the diagonal and horizontal supports, this movement might be denied.
Entry price: 0.753
Trader Senan Fuchedzhiev
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