AUDUSD - Upward trend will continue, Long trade by market price recommended

May 29, 2020 10:08:40 AM by Alexander Zorevyk
Forecast Details
PairAUDUSD
Direction Buy
StatusClosed (0.6725)
10:02
10:02
May 29, 2020

+70 p
0.6725
Target 2
+45 p
0.6700
Target 1
0.6655
Entry
-55 p
0.6600
Stop Loss
Chart & Analyst Comments
AUDUSD - Upward trend will continue, Long trade by market price recommended
  1. 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.
  2. The activity of "fresh" bears while the upward movement may indicate that the market crowd still does not believe in a Bullish trend.
  3. MVP line is below the price and acts as a support level.
  4. We see an accumulation of loss sellers below the current price in the right Order Book. This cluster can act as a support.
  5. The SLC indicator displays a cluster of Stop Losses and Stop orders at the previous high level, which according to our forecast, is good for placing Take Profit.