AUDUSD Short Forecast 08/24 Long Term
We can somewhat see that price has been ranging as price hasn't formed a clear direction thus far. With the high of 0.7275 that was reached on the 20th of this month, we've been in a slow decline w/ price breaking below the resistance at 0.7205 which was revisited in London this morning, but failed to close/trade above, thus we may start seeing a reversal of trend which has slowly started taking place. Since the B/R of the prev lower TF resistance, price has dropped over 30 pips. We can see the next support around 0.7150 area and a close below could push price down to 0.7127 and then 0.7105. If you take a look at the COT reports, we can see more institutional traders are adding shorts w/ Non-Commercial traders taking 41.5% net short VS 38.8% net longs. The double bottom that formed has already finished its 60 pip run as it retested the resistance at 0.7205 so thus it may be best to find selling opportunities. Wait for the next retest of resistance as often times it's best not to trade in between levels.
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