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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
main-buy-market-trend-1
  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.
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