www.varchev.com

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


Read more:
RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance