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khansalarehsan
Jan 4, 2018 10:06 AM

A good shorting opportunity - Pin bar on 4 hours time frame  

AUSTRALIAN DOLLAR / U.S. DOLLARICE

Description

Reasons:
1) It is at %23.6 major Fibonacci level.
2) 2 Major pitchfork parallels acting as strong resistance for the last 3 years.
3) Using cyclic lines pattern the previous key lines were two key pivotal points
4) It is overbought

The bearish move would be validated by another significant red candle following this pin bar.
On the daily time frame, a close above 0.76559 is required to confirm the bullish move.
The overall longterm bias is bullish.

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