NZD/CAD:
Date: July 28, 2016
H4 Graph: Short Trend
The price moved lower after the triple top and found a bottom. After a correction up, the price reached 0,936500 and FIB 61,8% and again started going down. Now the price retraced forming a lower high and its below a diagonal resistance. We also have a horizontal resistance at 0,93000. МА's are crossed and bearish formation of 50 below 200 МА.
Alternative scenario: If the price continue up and moves up above the FIB 61,8% and above the diagonal resistance, this will cancel the bearish view.
Technical Indicator:
DEM(14) - Close to the overbought zone and turned down for short
Price for Entry short around: 0,93200
SL: 0.93800
Jr. Trader - S. Fuchedzhiev
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