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

October 28, 2019 7:40:59 AM by Patrick Yang
Forecast Details
PairAUDUSD
Direction Sell
StatusClosed (0.692)
Start
End
Oct. 28, 2019
Nov. 4, 2019

-140 p
0.6955
Stop Loss
0.6815
Entry
+140 p
0.6675
Target 1
Chart & Analyst Comments
AUDUSD - Downward trend will continue, Short trade by market price recommended

We are expecting downward trend to continue for AUDUSD currency pair. Short trades only. See below for the summary of analysis:

  1. 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.
  2. The dynamics of the Ratios indicator signals for Short opportunities. Pay attention to the area marked on the image.
  3. The decrease in the sellers volume, together with the increase in the buyers volume, confirms the need to Sell according to our trading idea.
  4. MVP line is above the price and acts as a resistance level.
  5. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.