AUD/USD continues the downtrend

5 באוג׳

On AUD/USD , it's nice to see a strong sell-off from the price of 0.64860. It's also encouraging to observe a strong volume area where a lot of contracts are accumulated.

I believe that sellers from this area will defend their short positions. When the price returns to this area, strong sellers will push the market down again.

The downtrend combined with the strong volume area along with the strong S/R area from the past are my main reasons for this short trade.

Happy trading,

Dale