GBP/NZD 24.05.2016
H4 chart
Upward movement and correction to 23,6 Fibonacci.
Formation flag and break for a possible increase.
Price above diagonal and horizontal supports.
Price action: two big engulfing bars
Technical indicators:
Price above 50SMA and 200SMA
DeM(14) crosses 0.3 upward
Entry: 2.1505
SL: 2.1370
Alternative scenario: If price goes under 2.1370 this will negate the positive formation.
Jr. Trader Nikolay Georgiev
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