GBP/AUD H&S for a probable upward movement

GBP/AUD 08.11.2016 H4 chart.

Continuous downtrend ending with Head and Shoulders formation.

Break above the neckline and test.

Price above diagonal support and Fibonacci 50% of the new upward movement.

Japanese candles signal: Bullish engulfing at levels of support for probable new upward impulse.

Technical indicators:

CCI(50) crosses above 0 – positive signal

Price test the break of 50SMA and keeps above – positive signal

SL 1.5970

Alternative scenario: If price goes back below diagonal support and SMA50 this will negate the positive scenario.

Jr. Trader Nikolay Georgiev

 Varchev Traders

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