AUDUSD - Downward trend will continue, Short trade by market price recommended

October 8, 2019 7:22:22 AM by Alexander Zorevyk
Forecast Details
PairAUDUSD
Direction Sell
StatusClosed (0.6735)
7:16
7:16
Oct. 8, 2019

-60 p
0.6810
Stop Loss
0.6750
Entry
+60 p
0.6690
Target 1
Chart & Analyst Comments
AUDUSD - Downward trend will continue, Short trade by market price recommended
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on AUDUSD. As a result, we recommend considering only Short trades at this time.
  2. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. MVP line is above the price and acts as a resistance level.
  4. The support level formed by a large buyers cluster near the current price can hold the price and turn it downwards.