AUDUSD - Downward trend will continue, Short trade by market price recommended
October 28, 2019 7:40:59 AM
Forecast Details
PairAUDUSD
Direction
Sell
StatusClosed (0.692)
-140 p
0.6955
Stop Loss
0.6815
Entry
+140 p
0.6675
Target 1
About Author
Patrick Yang
Expert
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Chart & Analyst Comments
We are expecting downward trend to continue for AUDUSD currency pair. Short trades only. See below for the summary of analysis:
- 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.
- The dynamics of the Ratios indicator signals for Short opportunities. Pay attention to the area marked on the image.
- The decrease in the sellers volume, together with the increase in the buyers volume, confirms the need to Sell according to our trading idea.
- MVP line is above the price and acts as a resistance level.
- Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.