NZDUSD: 24.02.2017
Timeframe: D1
Mid-term uptrend with correction near 50% of Fibonacci. The down movement ends with breakthrough the top downtrend diagonal and double bottom formation, giving us a possibility for long entry.
Figure: Double Bottom
Technical Indicators:
SMA50/200 - mixed signals. SMA50 is under SMA200, which shows still negative sentiment. But price has bounced up from SMA200 - positive signal.
CCI14/50 - CCI50 is above 0, and CCI14 crosses above 0 - signal for buy.
Aggressive traders could enter based on the indicators signals. Conservative traders will wait for a confirmation signal and breakthrough the neckline and the diagonal resistance.
SL: 0.7104
Alternative scenario: if price doesn't breakthrough the resistances then we could expect a new downtrend impulse and test around 50% of Fibonacci.
Jr_Trader_Ivan_Ivanov
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