NZD/JPY:
Date: 14 November, 2016
H4 Graph: Medium term long trend
The price made a correction again, after reaching the high of 77,83. The fall stopped in a zone where we can see horizontal support at 75,770. Diagonal support from the bottom of the previous move up and also Fib level of 38,2%. The price also remains above both 50 and 200 ЕМА.
Price Action: Doji bar at level of horizontal and diagonal support - Possible signal for long.
Alternative scenario: If the price continue down and crosses previous low at 75,77 and below the diagonal support, this will cancel this bullish scenario.
Technical Indicator:
DEM (14) - Near the oversold zone
Price for Entry long around: 76.00
SL: 75.50
Jr. Trader - S. Fuchedzhiev
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