AUDUSD - Downward trend will continue, Short trade by market price recommended
September 30, 2019 11:07:42 AM
Forecast Details
PairAUDUSD
Direction
Sell
StatusClosed (0.673)
-124 p
0.6880
Stop Loss
0.6755
Entry
+120 p
0.6635
Target 1
About Author
Patrick Yang
Expert
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Chart & Analyst Comments
- 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.
- In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
- We see a sharp increase in buy orders as indicated by a number of brokers, which may indicate an interest of a big market player. We are expecting a downward movement.
- MVP line is above the price and acts as a resistance level.
- We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.