GBP/AUD:
Date: 21 November, 2016
H4 Graph: Long Term short
Price found a bottom at 1.58 and started going up. Now price reached the important Fib level of 50% from the previous move lower and strong horizontal resistance. Second relatively big bearish bar at level of resistance without a new high. Possible signal for end of the current up move and the start of down impulse.
Price Action: Engulfing bar at a level of horizontal resistance - Possible signal for short.
Alternative scenario: If the price move up above the prevous high and above 1.68600 this will cance the bearish scenario.
Technical Indicator:
DEM (14) - Close to the overbought zone and turned down for short
Price for Entry short around: 1.6790
SL: 1.68900
Jr. Trader - S. Fuchedzhiev
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