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

August 26, 2019 6:33:59 AM by Patrick Yang
Forecast Details
Direction Sell
StatusClosed (0.6735)
Aug. 26, 2019
Sep. 2, 2019

-110 p
Stop Loss
+110 p
Target 1
Chart & Analyst Comments
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell AUDUSD.
  2. We are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy positions.
  3. MVP line is above the price and acts as a resistance level.
  4. 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.
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