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

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

-110 p
0.6845
Stop Loss
0.6735
Entry
+110 p
0.6625
Target 1
Chart & Analyst Comments
AUDUSD - Downward trend will continue, Short trade by market price recommended
  1. Majority of traders are still holding onto longs. This means we should continue selling 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 support. This is a good level for placing take profit according to our forecast.