AUD/USD:
Date: 21 March, 2017
H4 Graph: Medium term choppy/range, Short term move short
Price again tried to break up above the strong horizontal resistance at the zone between 0.7730/0.7750, for the third time but with no success. Also there is a diagonal resistance as well at that same level, which also remains intact and unbroken. 50 ЕМА continue to remain below the 200 ЕМА.
Price Action: Engulfing bar at strong horizontal and diagonal resistances - Possible signal for short.
DEM: In the overbought zone and turned down for possible short move.
Alternative scenario: If the price again continue to go up and passes above the previous high and above the diagonal resistance, this will likely cancel the bearish setup.
Price for Entry short around: 0.77100
SL: 0.77600
Trader - S. Fuchedzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.