GBP/AUD 30.11.2016 D1 chart.
Long term downtrend and correction to 23,6 Fibonacci.
Break brelow diagonal and horizontal supports (current resistances) and test of the break.
Last bar makes lower low and closes below the high of the previous bearish bar- negative signal.
SMA50 below SMA200 – negative signal
DeM(14) reverses above 0,7 and breaks below – negative signal
We can wait a correction aroung1,6750 to minimize risk.
Alternative scenario: If price breaks above the resistances this will negate the negative scenario.
Jr. Trader Nikolay Georgiev