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tradesbyrezz
May 27, 2018 2:10 PM

AUDNZD Short

Australian Dollar/New Zealand DollarFXCM

Description

We can see a strong R (resistance) in W (weekly) chart and a upside TL (trend line) in W chart as well. The price touched five times that TL.
Now the price is on 0.618 of my Fibbonacci Retracement and we can see that the last W candle shows a long wick under 0.618 of my Fibb. My RSI 5 is at 82%.
The price could drop to 0.382 or even 0.236 and after that it'll go upside to that strong resistance.

I'll wait for shorts now.

Comment

After a retest of 0.382 or even 236, I'll wait for buys.
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