GBP/NZD 07.12.2016 D1 chart.
Downtrend and correction to 23,6 Fibonacci of the last downward movement.
Price below a zone of horizontal resisntace.
Price action: 2 pin bars at levels of resistance negative signal.
Technical indicators:
Price at 100 SMA - probable downward movement
DeM(14) reversed below 0,7 and keeps below
We can wait a 50% correction of the pin bar to minimize risk.
SL 1,8100
Alternative scenario: If price goes above the shadows of the pin bars this will cancel the negative formation.
Jr. Trader Nikolay Georgiev
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