AUDUSD entering high volume for the week.
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The resistance forming in this area is due to a high amount of trading volume at that price. the price will most likely rebound of that high volume node for the next couple of hours.
the Oanda Forex positions show that 66% of all traders are long !, this means that this volume node has built up high buying power, and people have been collecting USDs here for a considerable amount of time this week, this means that there is a huge supply of USDs which will result in lower prices due to lower demand in the coming few days.
the Oanda Forex positions show that 66% of all traders are long !, this means that this volume node has built up high buying power, and people have been collecting USDs here for a considerable amount of time this week, this means that there is a huge supply of USDs which will result in lower prices due to lower demand in the coming few days.
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