NZD/CAD:
Date: 20 October, 2016
H4 Graph: Short Trend
The made a strong movement up, but it remains within the highly visible bearish price channel, in the upper part. Here we have horizontal resistance at 0,95100, diagonal resistance from the top of the lower move, which is the same with the Fib level of 50% from the top to the bottom of the bearish move.. Due to these reasons we must view this up move as a correction of the down trend. 50 МА remains below the 200 МА. The price also holds and stops right at the 200 МА. Trend remains short
Price Action: Doji bar at a level of strong resistance - possible signal for short
Alternative Scenario: If the price breaks up above the high of the doji bar and Fib 61.8% will cancel this scenario.
Technical Indicator:
DEM (14) - In a overbought zone
Price for Entry short around: 0,95200
SL: 0.95900
Jr. Trader - S. Fuchedzhiev
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