AUDUSD - Upward trend will continue, Long trade by market price recommended
May 29, 2020 10:08:40 AM
Forecast Details
PairAUDUSD
Direction
Buy
StatusClosed (0.6725)
+70 p
0.6725
Target 2
+45 p
0.6700
Target 1
0.6655
Entry
-55 p
0.6600
Stop Loss
About Author
Alexander Zorevyk
Expert
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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 activity of "fresh" bears while the upward movement may indicate that the market crowd still does not believe in a Bullish trend.
- MVP line is below the price and acts as a support level.
- We see an accumulation of loss sellers below the current price in the right Order Book. This cluster can act as a support.
- 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.
