Long term bearish for AUD/USD
Structure is still bullish, but I am seeing bearishness in the long term. First, there is the 11 Nov high volume trench (red) which is the cause of the downtrend effect. When price return to this, let's call it "Bear Trench", the effect is a bearish one.
It's the same when price reached the "Bull Trench" (Green), and the effect is Bullish.
On 4 May, there is a high volume bullish pin on the "Bull Trench" and even though price went down (mainly to take out stops), it went up to a nice bullish trend. So the bullish pin bar acts as a trigger or signal that the bulls are coming.
At this moment, there is a bearish pin bar on 15 June and this could be a signal that bear is coming.
Therefore, my stand for the long term is bearish.
It's the same when price reached the "Bull Trench" (Green), and the effect is Bullish.
On 4 May, there is a high volume bullish pin on the "Bull Trench" and even though price went down (mainly to take out stops), it went up to a nice bullish trend. So the bullish pin bar acts as a trigger or signal that the bulls are coming.
At this moment, there is a bearish pin bar on 15 June and this could be a signal that bear is coming.
Therefore, my stand for the long term is bearish.
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