AUDUSD - Upward trend will continue, Long trade by market price recommended
June 22, 2020 6:28:41 AM
Forecast Details
PairAUDUSD
Direction
Buy
StatusClosed (0.693)
+115 p
0.6970
Target 2
+75 p
0.6930
Target 1
0.6855
Entry
-75 p
0.6780
Stop Loss
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
For today's forecast, we recommend a Buy Order at this recommended market price - 0.6855. This idea is based on the following analysis:
- 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 increase in sellers is observed both in the upward movement and in the retracement movements. Retail traders still believe in the possibility of price decrease.
- In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous peak. This is a good level for placing take profit according to our forecast.
