AUDUSD - Downward trend will continue, Short trade by market price recommended
August 26, 2019 6:33:59 AM
Forecast Details
PairAUDUSD
Direction
Sell
StatusClosed (0.6735)
-110 p
0.6845
Stop Loss
0.6735
Entry
+110 p
0.6625
Target 1
About Author
Patrick Yang
Expert
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Total votes: 7
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Chart & Analyst Comments
- Majority of traders are still holding onto longs. This means we should continue selling AUDUSD.
- We are seeing an increase in buy positions by market crowd, who are replenishing an already large number of "locked up" losing buy positions.
- MVP line is above the price and acts as a resistance level.
- In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous support. This is a good level for placing take profit according to our forecast.