NZD/JPY: Good levels for short here

20.04.2016 / 04:55

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NZD/JPY:

Date: April, 20, 2016

H4 Graph: D1 short trend, moving to a lower time frame H4 graph and looking for short

The price reached again horizontal and diagonal resistance levels around 77,00. FIB 78,2% for deep correction, this FIB level is higher level, but its still a FIB level.

The price made a lower low after correction from the previous leg lower and holds below horizontal and diagonal resistance.

Alternate scenario: If the price breaks up above FIB 78,2% and above the diagonal and horizontal resistance will cancel the bearish view

Technical Indicators:

DEM (14) H4: is on the line for overbought

RSI (14) H4: is entering the zone of overbought

Price for Entry short around: 76,80

SL: 77.40

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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NZD/JPY: Good levels for short here

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