AUDUSD - Downward trend will continue, Short trade by market price recommended

March 31, 2020 7:39:14 PM by Alexander Zorevyk
Forecast Details
PairAUDUSD
Direction Sell
StatusClosed (0.606)
19:33
19:33
Mar. 31, 2020

-90 p
0.6220
Stop Loss
0.6130
Entry
+100 p
0.6030
Target 1
+150 p
0.5980
Target 2
Chart & Analyst Comments
AUDUSD - Downward trend will continue, Short trade by market price recommended

For today's forecast, we recommend a Sell Order at this recommended market price - 0.613. This idea is based on the following analysis:

  1. According to the most brokers’ data, more than half of the traders are currently in long positions on AUDUSD. As a result, we recommend considering only Short trades at this time.
  2. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.