GBP/AUD:
Date: May 2, 2016
H4 Chart: short trend at H4 and D1
The price made a correction at Fibo 38,2% on short trend. A "Double Top" formation at levels of horizontal resistance.
The price holds at Fibo 38,2% on horizontal resistance and a possible "Double Top" formation
Alternative scenario: If the price goes up above the horizontal resistance at 1,92500 and above 1,929 will break the bear scenario .
Indicators:
DEM (14) H4 - Is still not in overbought zone
RSI (14) H4 - The indicator was in overbought zone and spuned down for short - Waiting for a short signal from the indicator after going below 50.
Price for entry short around 1,92350
SL: 1.92950
Jr. Trader: S. Fuchedzhiev
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