AUDUSD - Upward trend will continue, Long trade by market price recommended
November 12, 2020 9:43:06 AM
Forecast Details
PairAUDUSD
Direction
Buy
StatusClosed (0.729)
+85 p
0.7350
Target 2
+55 p
0.7320
Target 1
0.7265
Entry
-65 p
0.7200
Stop Loss
About Author
Alexander Zorevyk
Expert
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Total votes: 9
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Chart & Analyst Comments
- According to the most brokers’ data, more than half of the traders are currently in short positions on AUDUSD. As a result, we recommend considering only Long trades at this time.
- The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
- MVP line is below the price and acts as a support level.
- Visually assessing the ratio of buyers and sellers, we see that retail sellers dominate on the market. This fact favors the Long Orders.
- The rise in price will be accompanied by triggering of the market crowd’s Stop Losses, which in turn will serve as a “fuel” for the upward movement.
