AUD/USD:
Date: August 12, 2016
D1 chart: Medium-term long trend
The price may form a lower peak and the movement may reverse in a short-term scenario. It is a risky position but with a close stop loss.
Price Action: Double pin bar of the diagonal resistance and the price remains below the last pin bar - negative signal.
We can wait for a conformation of the two indicators for short, after DeM goes below 0.7 and RSI reaches below 50.
Alternative scenario: If the price goes above the diagonal resistance and the previous pin bar, this will break the bearish scenario
Technical indicator:
DEM (14) - In overbought area - We can wait for a signal for short after it goes below 0.7
RSI (14) - Close to overbought area - we can wait for it to go below 50
Entry price for short: 0,7700
SL: 0.77850
Note: The data from the retail sales in the US at 12:30 GMT may cause a high volatility. If data are better than expected, this may support the US dollar
Jr. Trader - S. Fuchedzhiev
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