NZD/USD:
Date: 22 March, 2017
H4 Graph: Medium term short trend, Short term move to the down side
Price of the pair started to make a correction after the FED raised interest rates, but we continue to remain with the view that this might be only a correction of the previous move short. Price stopped its rise, exactly at Fibo 38.2% and also just below the diagonal resistance. The horizontal resistance is slightly higher between 0.7100 - 0.71300. 50 ЕМА remains below 200 ЕМА, which is showing us that the trend might be still short.
Price Action: Pin bar at diagonal resistance and Fib 38.2% - Possible signal for short
DEM: In overbought zone and turns down for possible short
Alternative scenario: If the price continue to climb and moves above the Pin bar and above the horizontal resistance of 0.7100, this will cancel this scenario.
Price for Entry short around: 0.70400
SL: 0.71100
Trader - S. Fuchedzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.