Is this translation correct?
Unfortunately your interpretation is not quite correct.

This sentence is in ancient Chinese. 也 means nothing but to indicate the end of a phrase or sentence, and 夫 here indicates an exclamation. There were originally no punctuations in an ancient Chinese article, and these are just like punctuations. Using more than one such word (也夫) indicates stronger exclamation.

莫: no one, 吾: me, 知: understand, 也夫: exclamation, may be translated 'Alas!' 

So putting together, 

Alas, no one understands me!

or 

唉，没有人了解我！