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

Patrick Yang on FXSSI Patrick Yang Expert
main-sell-market-trend-1
Forecast Details
PairAUDUSD
Publication Time8/26/19 6:33 AM
Direction Sell
Status Closed (0.6735)
Aug. 26, 2019
Sep. 2, 2019
Forecast
-110 p
0.6845
Stop Loss
0.6735
Entry
+110 p
0.6625
Target 1
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Chart & Analyst Comments

main-sell-market-trend-1
  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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